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19 January 2021

Chinese Bitcoin Miners Hesitant to Trade. Otherwise, It’s Business as Usual. | Crypto Briefing

Chinese Bitcoin Miners Hesitant to Trade. Otherwise, It’s Business as Usual. | Crypto Briefing


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Chinese Bitcoin Miners Hesitant to Trade.

This year, several Chinese OTC desks, miners, and traders have been caught up in a large-scale government crackdown, raising fear, uncertainty, and doubt that it is the leading cause of Bitcoin’s price surge. .

Asurvey reportby a Chinese media source, Wu Colin, grabbed headlines, pointing out that 74% of miners are complaining that “payment of electricity bills has been greatly affected.”.

After the Chinese government banned crypto exchanges in 2017, miners and traders relied on OTC desks or peer-to-peer platforms to exchange crypto and fiat.

With miners unable to sell Bitcoin and pay their utilities, commentators have indicated that BTC’s rise has been artificial.

Concluding, Nuzzi said that “other factors, such as increased institutional participation and macroeconomic concerns, are more likely the culprit” behind the latest Bitcoin bull run rather than Chinese miners stuck in a jam.

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