Quote from: TheGreatPython on Today at 08:10:33 PM

Quote from: Blawpaw on October 29, 2021, 09:43:55 PM

A lot of countries have been benefitting from China ban on cryptos. Due to the ban, countries that made borders with China saw their crypto mining industry boom. Kazakhstan is one of the most recent countries where the crypto mining interest is surging as "at least $1.5B in economic activity from crypto mining within 5 years" is expected to hit the country. The investment that crypto will bring to the country will be a boost for Kazakhstan's development.

Well, I guess it’s not really bad that China has decided to step out, since that has brewed the opportunity for other countries to step up in their cryptocurrency mining game. You really never know what you can do until you’re pushed to the wall: at the first time when China’s government were threatening to ban cryptocurrency in their country, a lot of people were afraid that it was going to affect the cryptocurrency community and the market, because China as of then holds the largest mining share in cryptocurrency, especially Bitcoin.

So, a lot of people felt that they were everything and that if they should leave that it was going to affect the market seriously, but now, so far since they have gone, we haven’t seen any changes at all. The market has continued to flourish.

Although the initial backlash of China banning crypto mining had a some impact on the price and it made it dip, but it didn't affected as much because this is was a topic that the Chinese government has been putting it out there for a long time but this time they took harsh actions , and anyone who was affected by it had the time to relocate or find a solution, and this ban had more positive than negatives because there were a lot of doubts about how decentralized the network is if the majority of bitcoin was mining from china, and with them out of the picture we are starting to see some balance in mining power all over the world.