China’s repression of Bitcoin (BTC) mining continues to face clear responses in the cryptocurrency ecosystem. Nick Spanos, one of the first BTC exchange operators and co-founder of the Zap protocol, said the campaign only proves that Bitcoin is a machine that cannot be stopped “unless the world’s second largest economy can crush, devalue and manipulate Bitcoin.”

Noting that the campaign is increasing scarcity because the number of miners is smaller compared to the volume of transactions, Spanos highlighted the increase in mining revenues, while the difficulty of mining continues to diminish. To explain:

Bitcoin’s algorithm is adjusted approximately every two weeks to allow the extraction of a block of transactions every 10 minutes. Thus, Bitcoin mining has become easier and more profitable. This is a recipe for attracting more miners to come back. ”
Spanos said miners leaving China will seek a place with their closest neighbors such as Kazakhstan, Iran and Russia. “Other residents of the region will also benefit from taking advantage of this opportunity,” he added. Recently, one of the largest mining companies operating in China announced plans to withdraw from the country and distribute the mining operations between the United Arab Emirates, Canada, the United States, Kazakhstan and Iceland.

Spanos notes that the price of bitcoin has always risen after society “absorbed” regulatory errors.

Last week, Galaxy Digital CEO Mike Novogratz saw a “huge net positive” for bitcoin in China’s crash. He said that market crashes from record highs, accompanied by high volatility, were a successful test for the cryptocurrency ecosystem as a whole.

Source: CoinTelegraph