Connect with us

Crypto Mining

Facebook’s David Marcus: China’s Bitcoin Mining Crackdown ‘Great Development’ for BTC



Kevin Helms

David Marcus, head of Facebook Financial (F2) who is in charge of crypto project Diem, formerly Libra, believes that the Chinese government cracking down on bitcoin mining is “a great development” for the cryptocurrency. Many people in the crypto space agree with him.

Facebook’s Executive Believes China’s Bitcoin Mining Crackdown Is a Good Development

David Marcus, head of F2 (Facebook Financial), has shared his view on the Chinese government cracking down on bitcoin mining. F2 includes Facebook Pay, Novi, and all payments and financial services efforts by the social media giant. Marcus is also a co-creator and board member of the crypto project Diem, formerly Libra.

He tweeted Monday: “How is more bitcoin mining power moving to the United States and the West a bad thing? IMO China cracking down on mining is a great development for BTC.”

Many people agree with Marcus, sharing their opinions on Twitter. Several of them agree that the move may seem bearish in the short term but is good for bitcoin in the long run.

The CEO of cryptocurrency exchange Luno, Marcus Swanepoel, commented: “Familiar pattern for anything Bitcoin: 1 potential issue identified (AML, scaling, Chinese miner concentration, etc), 2 solutions created (Chainalysis, lightening, Chinese ban mining), 3 risk mitigation incorrectly interpreted as increase in risk, 4 eventually penny drops = [Rocket emoji].”

Sharan Nair, chief business officer of Indian crypto exchange Coinswitch Kuber, opined:

I totally love it how every supposed move to bring down bitcoin actually works in its favor. Perhaps what doesn’t kill you makes you stronger has never been more truer.

Following the Chinese government shutting down bitcoin mining farms, miners are reportedly moving their operations out of China. Castle Island Ventures partner Nic Carter was quoted by CNBC as saying:

Chinese miners or miners that were domiciled in China are looking to Central Asia, Eastern Europe, the U.S. and Northern Europe … Every Western mining host I know has had their phones ringing off the hook.

Brandon Arvanaghi, a bitcoin mining engineer and former Gemini security engineer, said: “You are going to see a dramatic shift over the next few months.” He added that Texas could be one of the U.S. states where bitcoin miners will move to. “We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible,” he opined.

Florida is another U.S. state that may draw crypto miners. Miami Mayor Francis Suarez is trying to attract miners to his city, which he aims to build into a bitcoin hub. Noting that Florida has a great abundance of nuclear power, the pro-bitcoin mayor stated, “The fact that we have nuclear power means that it’s very inexpensive power.”

Do you agree with David Marcus that China cracking down on bitcoin mining is a great development for BTC? Let us know in the comments section below.

Continue Reading



Public Companies Hold A Combined $11.8 Billion Worth Of BTC On Their Balance Sheet – See The Leading Firms

Crypto Mining3 weeks ago

Aliyu Pokima Publicly traded companies went all-in on Bitcoin in 2021 led by Michael Saylor’s MicroStrategy.Other firms on the list...

Indian Regulator SEBI Wants Mutual Funds to Stay Away From Crypto Investments Until Legislation Is Finalized

Crypto Mining3 weeks ago

Kevin Helms The Securities and Exchange Board of India (SEBI) has reportedly asked mutual fund companies not to get involved...

XRP Creator Chris Larsen Proposes Strategy To Incentivize Bitcoin Miners To Move Away From Proof-of-Work

Crypto Mining1 month ago

Brenda Ngari XRP inventor and Ripple executive chairman Chris Larsen has unveiled a plan to entice miners of the flagship...

Iceland Refuses to Power New Bitcoin Farms Amid Electricity Shortages

Crypto Mining1 month ago

Lubomir Tassev Cryptocurrency mining is among several energy-intensive industries hurt by a power deficit in Iceland. The country’s main utility...

Public Bitcoin Miners Are Increasing Their BTC Treasuries

Crypto Mining2 months ago

Dylan LeClair And Sam Rule Publicly-traded bitcoin mining firms have been accumulating and holding bitcoin at an increasing rate.The below...

NASDAQ-Listed HIVE Blockchain to Expand Data Center in New Brunswick, Canada With 40 Megawatts Capacity

Crypto Mining3 months ago PR HIVE Blockchain is set to expand its data center campus in New Brunswick, Canada with 40 megawatts capacity....

%d bloggers like this: