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NewsBTC 2021-11-08 04:06:13

Is This The Reason China Banned Bitcoin Mining? Carvalho’s Mind Blowin Theory

Bitcoin entrepreneur and podcaster John Carvalho might be on to something. In a recent episode of the Tales from the Crypt podcast, he posed his theory on why did China shot itself in the foot by banning Bitcoin mining early in the year. We at NewsBTC have been racking our brains trying to come up with possible reasons for the bizarre decision. Are they making way for their CBDC? Is the CPC cutting the wings of Chinese Billionaires in all areas? Were they already losing the hashpower battle? Is China having energy problems? Is this an ESG issue? Were they closing the exit ramps before the Evergrande collapse? Is Bitcoin just too dangerous? Why would they retire from a Billion Dollar Business that they controlled? Why? WHY? It has been a long time since I last joined TFTC to chat. I had a great time discussing misc Bitcoin and "good morning tweet" topics. Check it out! https://t.co/TVbOEjHWFD — John Carvalho (@BitcoinErrorLog) November 2, 2021 The interviewee summarizes our position with one phrase, “I refuse to believe that China is stupid.” According to Carvalho, they’ve made too much money in the mining business alone, and they also control the ASICs manufacturers. Not only that, mining machines inflate the value of chips. And they control that business too, alongside Taiwan and South Korea. Why would they shoot the goose that laid the golden eggs? It just doesn’t make sense… unless… Carvalho’s Mind Blowin Theo...