China’s fight against Bitcoin (Bitcoin) Mining continues to face a firm response from the entire crypto ecosystem. Nick Spanos, one of the earliest BTC exchange operators and the co-founder of Zap Protocol, stated that if the world’s second largest economy is unable to suppress, depreciate and manipulate Bitcoin, the crackdown will only prove that Bitcoin is an unstoppable platform. machine.
Spanos pointed out that because miners are relatively small relative to the transaction volume, attacks are becoming more and more scarce. He emphasized that miners’ profits have increased while mining difficulty continues to decrease. He explained:
“Bitcoin’s algorithm is adjusted approximately every two weeks, allowing a transaction block to be mined every 10 minutes. Therefore, mining Bitcoin has become both easy and profitable. This is the secret to attract more miners to return.”
Spanos said that miners who move out of China will seek close neighbors with Kazakhstan, Iran and Russia. “Others in the area can also seize this opportunity well,” he added. Recently, one of the major mining groups operating in China announced its plan to move out of China. Allocate its mining operations United Arab Emirates, Canada, United States, Kazakhstan and Iceland.
Spanos pointed out that once regulatory setbacks are “digested by the community,” the price of Bitcoin will continue to rise.
Last week, Mike Novogratz, CEO of Galaxy Digital, saw “A big net positive“For the attempt to crack down on Bitcoin in China. He said that the market collapsed from a historical high and followed by high volatility, which is a successful test of the entire crypto ecosystem.