Farewell to bitcoin, for now.
Chinese crypto miners are now planning to mine other lesser-known and proof-of-stake-based cryptocurrencies so they could keep operating in China.
The government’s crackdown efforts have forced a lot of miners to stop their operations and transfer to other crypto-friendly countries. But there are a growing number of miners who consider staying in the country and choose alternative cryptocurrencies instead.
Storage-based tokens
A lot of Chinese miners are now looking for new opportunities on Filecoin, a storage-based token, which according to them is a better option because it requires less energy.
Miners also said that this cryptocurrency hasn’t yet caught the attention of regulators, which makes it a better option compared to other tokens that are already being tied up with strict regulations.
Swarm, a currency that the crypto world has barely heard off, is also included in the miners’ list of new cryptos to mine, because of its several but significant advantages over more popular cryptocurrencies.
Wait and see
But even with the opportunities presented by Filecoin and Swarm, miners are actually cautious about making a full jump on these cryptos because the Chinese government can “shoot down” these coins anytime.
Yes, no crackdowns have been implemented on these cryptos so far, but they are well aware that it could happen anytime. The Chinese government has always been critical of cryptocurrency mining operations because of the power shortages they cause.
But many analysts believe that the government’s real motive is to eliminate any possible competitors for its upcoming central bank digital currency (CBDC), the digital yuan.
As for the miners who decided to stay and not relocate, all they can do for now is wait for the next developments in the government’s crypto policies.
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