China Never Banned, Rather Encourages Environmentally Sustainable Bitcoin Mining
CryptoNewsTerminal Staff07 Jun, 2024
China Never Banned, Rather Encourages Environmentally Sustainable Bitcoin Mining
China's stance on Bitcoin mining has been the subject of much speculation and misinformation. Some reports have claimed that the Chinese government has banned Bitcoin mining outright, while others have suggested that the government is cracking down on the industry. However, according to Daniel Batten, a Bitcoin mining environmental impact analyst and climate tech venture investor, the Chinese government has never banned Bitcoin mining. In fact, Batten says that Chinese Provincial governments actively encourage the use of environmentally friendly renewable energy sources such as Hydro, Solar, and Nuclear for Bitcoin mining. This is because the Chinese government recognizes the potential of Bitcoin mining to contribute to the country's economic development and its transition to a more sustainable energy future. Batten's comments echo those of other experts who have argued that China's crackdown on Bitcoin mining is not a ban, but rather an attempt to regulate the industry and ensure that it is conducted in a responsible and sustainable manner.
