Today, Crypto Twitter influencers and media began circulating rumors that China was regretting its crackdown on crypto after Bitcoin surged to new all-time-highs in the past week.
The rumor likely came into being for two reasons.
The commission first floated virtual currency mining for the list in 2019, but after soliciting opinion, the industry was taken off the final announced list.
And it was a small number of miners in 2019 who succeeded in lobbying the government; broader public opinion in China is actually opposed to Bitcoin mining because it doesn’t create jobs and miners don’t pay taxes.
It can also be interpreted from another angle: Some Chinese government officials may think that more Bitcoin mining will disrupt America’s carbon neutrality and disrupt its financial order.
And while research and development of Bitcoin mining chips and machines remains in China for the time being, Bitmain has announced that it will not ship to Chinese users.
In short, Bitcoin mining has become the enemy of carbon neutrality in China’s eyes.