Mass Exodus from China by Cryptocurrency Miners a Plus for U.S. Companies
Overstock.com, Inc. (OSTK)
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Source: PR Newswire
NEW YORK, July 15, 2021 /PRNewswire/ -- There is little debate that the crackdown on cryptocurrency mining in China has significantly disrupted the markets and dampened sentiment towards digital currencies. What is more open for discussion is the rationale undergirding Beijing's mandates to shutter the vast majority of its cryptocurrency miners, companies using warehouses of computers guzzling electricity to solve complicated math problems integral to the process of creating new coins and keeping the immutable digital ledger of transactions known as the blockchain. Ahead of the crackdown, 50-60% of all crypto mining activity transpired in China. A top producer of greenhouse gas emissions, Chinese provinces are under directives to slash pollution, for which crypto mining is a contributor. There is also speculation that the People's Bank of China wants to be the first developed nation with its own digital currency, which would mean it doesn't want to compete with Bitcoin. Regardless of
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