Jiang Zhuoer, an operator of China's mining group Lebit Mining, claimed that China's crackdown on cryptocurrencies would lead miners to relocate to Europe or the United States.
Last week, three industry bodies of China's central bank called for a ban on financial institutions and online payment channels involving cryptocurrencies. Then, the government also cracked down on Bitcoin mining.
Because China has cheaper energy supplied by abundant coal and hydropower plants, it has become one of the most sought-after destinations for Bitcoin mining.
For Jiang, one of the main goals of the new policies is to protect retail investors from the risks associated with cryptocurrency trading and mining.
"That is, individual mining is allowed, and you can bear the profits and losses yourself, but financial capital is not allowed to intervene in mining, which will generate social risks from losses," Jiang explained.
But Michael Saylor, CEO of MicroStrategy, who has invested billions of dollars in Bitcoin the past few months, China's crackdown is actually good news for the cryptocurrency.
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