China to BTC Miners: Slow Your Operations a Bit!

Darn it! China was doing so well, too. Following all the hype and hoopla about China finally saying “yes” to bitcoin mining, it seems the country doesn’t have enough electricity to provide for all the new operations.

China Says, “Slow Things Down!”

China recently announced that all cryptocurrency mining activity would be legal within its borders. This was a big deal considering the country’s strained relationship with bitcoin and its altcoin cousins. For one thing, regulators were long debating over whether the extraction of new coins should be made illegal considering doing so allegedly caused environmental damage.

While this never came to fruition, China did take a stance against cryptocurrencies in other ways by banning all initial coin offerings (ICOs) and foreign exchanges in the years 2017 and 2018 respectively. This was strange considering that China was the number one hotspot for all bitcoin activity at one point.

It appeared, however, like China was beginning to…