China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
Bitcoin

Explainer |
China’s bitcoin crackdown: why is it happening and what’s next for the original cryptocurrency?

  • China’s widespread crackdown on bitcoin has sent the hash rate plummeting, but miners leaving the network have also pushed up profitability
  • Bitcoin was designed to be the world’s first decentralised currency, outside the reach of any central bank, but it now more closely resembles a commodity

Knowledge |   China's digital currency
China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
China’s crackdown on bitcoin has sent shockwaves through the global mining community, but as miners flee the country, some cryptocurrency faithful remain optimistic about its future. Photo: Reuters
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