When we heard China banning Bitcoin, many felt that it was the end of the game. Experts speculated that the industry of digital coins is not going to recover so soon. Interestingly, the ban proved a blessing and disguised for the industry as we see people in the sector gaining more than expected. The people in this industry were able to showcase their resilience in a big way, and it did not hamper the entrepreneurial zeal of the miners. On the contrary, they kept the ball rolling and made Blockchain work for them as a gold mine. Despite all the fuss around the ban proclaimed by the Chinese central bank, commonly known as PBOC, Bitcoin kept enjoying a good boost in 2021. The fact is that the coin smashed all the records coming closer to 70K USD, going beyond the imagination. Let’s see how the ban turned into a boon for Bitcoin. If you are interested in bitcoin mining check planning for bitcoin inheritance why it matters.
Demystifying the Crypto ban in China
If you have been following the news about China’s approach towards Bitcoin, they very well know that it will ban the coin soon. Experts felt this a couple of months before the ban was announced. However, they feel that the ban was different. The reasons were obvious, it offered all the sound options on the table, and it did bring too many more choices to play the game. Earlier in the past, we saw the China-based financial institutions banning the digital currency-based services, and now the coins are linked with several more activities that bring in the trade and mining option going outdated. Immediately after the ban, the nations like America, Russia, and Kazakhstan felt the jolt, but it took a few days to get rid of it. The backfire was strange and impressive as they could rise high to make Bitcoin a big hit in these places.
Why the Ban?
To be precise, the country had too many reasons to ban Bitcoin. The lawmakers were worried about the volatility issue of the coin. Also, many governments in different nations too seemed hostile about the coin. The detractors blamed the coin miners for the vast energy consumption in the market. Less than half of the miners’ population in China depended on coal power to mine the coins. It hampered the plans of the country to reach their set target about the same. It did help to reach the neutrality of carbon in a big way. However, it did fail to impress the experts in the country, and hence they had to make some decisions. As per the top officials of the central bank in China, they have plans to release their local coin in the market. Hence in light of all these reasons, the country decided to ban Bitcoin mining and the coin. They felt that it would harm the coin and its value. However, it soon proved wrong as the very next month, the coin’s value was coming close to 67K USD.
Bitcoin Green Revolution
If you feel that the green revolution in Bitcoin can be a tedious job, think again. One can find too much-renewed focus on factors like sustenance in recent years. Also, celebrities like Elon Musk and other prominent players seemed to be taking the plunge in the digital coin revolution. We see these people coming up with their mission to make the process of mining legitimate. Thus, most top Bitcoin miners in the country, including HIVE, CS, Block Cap, and Argo BC, came up with an idea of making it green. These groups and others came together for a brainstorming session and decided to set the emission rate for mining in their locations. They were able to put the efforts into helping people with this mission and decided to rely only on the option energy sources, including the wind and solar-based projects, to establish the same construction. These efforts were able to reduce the carbon emission in the atmosphere. In this way, it is now on the verge of becoming a green coin for the world.
The ban was wrong for Bitcoin lovers; however, nobody felt it could work for everyone. So, as you check the last few months after the ban, Bitcoin is enjoying the best time.