No one mines cryptos where energy in less supply because energy prices tend to be high. The current mining rigs in China are almost exclusively located in regions where energy is cheap and in oversupply. China has many power-plants that must run at certain capacity floor and despite of that the demand is much lower. It makes so much sense to let that energy be used to mine cryptos which is like store of that value. This way energy is not wasted.
Chinese move has less to do with energy or environment but more about undermining a threat to their monopoly on currency.
Bitcoin mining has a potential to push innovation to invest more in alternative and greener energy sources.
It appears to me that inhibiting mining does not really have a lot to do with usage of Bitcoin as a currency. Even if they managed to completely wipe out mining in China, that would have zero impact on the utility of Bitcoin as a currency in China.
No one mines cryptos where energy in less supply because energy prices tend to be high. The current mining rigs in China are almost exclusively located in regions where energy is cheap and in oversupply. China has many power-plants that must run at certain capacity floor and despite of that the demand is much lower. It makes so much sense to let that energy be used to mine cryptos which is like store of that value. This way energy is not wasted.
Chinese move has less to do with energy or environment but more about undermining a threat to their monopoly on currency.
Bitcoin mining has a potential to push innovation to invest more in alternative and greener energy sources.