I know plenty of newcomers in particular are scared right now but it's incredible that roughly half of bitcoin's mining hash comes from China, who in turn are banning it in basically every province, and because miners are location agnostic they can simply move to another country with cheap energy anywhere on Earth. It's a:
- win for the decentralization of mining and fears that China controlled such a high % of it
- win for the US as many Chinese miners are looking at places like Texas, Wyoming, Florida..etc. It certainly won't all come to the US but many will. Canada, too.
- win that even more of bitcoin's mining will come from renewable energy sources as a result
Fundamentals are always the most important thing and these outcomes from this latest round of 'China bans bitcoin' news will put so many nagging pieces of FUD to rest in my opinion, finally. The network is enduring yet another major "attack" and shrugging it off like the bulletproof beast that it is. Block by mother fucking block.
Time always catches up with bearish price action. Don't sweat it, just keep stacking sats while the gettin' is good and appreciate that bitcoin was meant to weather storms much worse than this even.
Viva la bitcoin!
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