In the summer of 2021, the Chinese government banned Bitcoin (BTC) mining and cited the typical concerns of harmful environmental effects and money laundering. Now, the Chinese government is working toward establishing its own digital yuan currency. This raises the question as to whether the original reasoning was merely a Trojan horse.
This ban could easily have been a huge blow to Bitcoin’s momentum. After all, close to 75% of all Bitcoin mining had been conducted in China by late 2019, according to Cambridge Alternative Finance Benchmarks. If the network teetered under the weight of China’s nationwide ban, other governments might have begun to think that Bitcoin could be defeated after all.
William Szamosszegi is the CEO and founder of Sazmining, the world’s first clean energy Bitcoin mining platform for retail customers. He is also the host of the Sazmining podcast and as a Bitcoin evangelist, Will is committed to improving humanity’s relationship with time, money and energy. Will is the recipient of Bucknell’s venture grant, a finalist in SXSW’s Digital Entrepreneurship Tournament, a Forbes Fellow and a regular speaker at Bitcoin mining conferences.