Bitcoin News: China’s crackdown on Bitcoin (BTC) mining continues to face backlash in the crypto ecosystem. Nick Spanos, co-founder of Zap Protocol, said that repression only proves that Bitcoin is an unstoppable machine. “No one can crush, devalue and manipulate Bitcoin, not even the world’s second largest economy.”
Noting that the tightening increased the shortage due to fewer miners compared to the transaction volume, Spanos underlined the increase in the profits of the miners while the difficulty of mining continued to decrease.
“Bitcoin’s algorithm adjusts roughly every two weeks to allow for a block of transactions to be mined every 10 minutes. Thus, mining Bitcoin has become both easier and more profitable. This is a recipe for attracting more miners again.”
Spanos said the miners moving from China will try to find a place with their close neighbors such as Kazakhstan, Iran and Russia. “It would be nice if other countries in the region seize this opportunity as well,” he added.
Recently, one of the major mining groups operating in China announced plans to go out of the country and distribute its mining operations among the United Arab Emirates, Canada, the United States, Kazakhstan and Iceland.
Spanos noted that the price of Bitcoin always rises when regulatory disruptions are “digested by the community.”
Last week, Galaxy Digital CEO Mike Novogratz saw a “major positive shift” for Bitcoin in China’s crackdown attempt. He said that after the market crash from its all-time high, high volatility is a successful test for the crypto ecosystem as a whole.