Bitcoin price tipped to hit '$220K' as China shutdown sees miners 'airlift' en masse to US
Yesterday, China shut down most of its bitcoin mining operations creating panic in cryptocurrency markets as the hash rate dropped and operators sold assets to finance their move to the US. Many are relocating to Texas, with state governor Greg Abbott tweeting his support to facilitate mining operations there. Mr Abbott tweeted: “Blockchain is a booming industry that Texas needs to be involved in.”
The relocation of China’s influential mining operators to the US will allow American states to capitalise on the inflow of Chinese and offer renewable incentives, allowing the US to grasp the digital economy manifested by bitcoin.
Referring to the move by China bitcoin pioneer Max Keiser, speaking to Express.co.uk, said: “China doesn’t have the moral character to mine bitcoin.
“America and El Salvador do.
“The difficulty adjustment has decreased to accommodate the transference of mining out of China and will increase when the move is completed.
