Jihan Wu on mining ban
From Will China Ever Ban Mining and What Will Happen at the Next Halving? - Jihan Wu Interview · · BitcoincomOfficialChannel
“Do you think China's government will ever ban mining? Yeah, I think everything is possible but in a realistic way we need to think — I don't think that's easy. It's still economic activity: most of the activities work closely with local authorities, they pay taxes, they contribute to the local economic activity and hire people.”
On , Jihan Wu, Cofounder at Bitmain, spoke about mining ban during Will China Ever Ban Mining and What Will Happen at the Next Halving? - Jihan Wu Interview on BitcoincomOfficialChannel.
About Jihan Wu
In an October 2019 interview, Bitmain cofounder Jihan Wu discussed the possibility of China banning cryptocurrency mining. Wu stated that while "everything is possible," he did not think a ban would be easy due to mining being an economic activity where miners "pay taxes" and "contribute to the local economic activity." He added that even if China banned cryptocurrencies, miners would be able to "ship to overseas" and the overseas market would "recover some of the losses." Wu also commented on the upcoming halving events for Bitcoin and Bitcoin Cash. He expressed optimism about the price of cryptocurrencies, noting that "according to historical experience, at the halving event the price really surged." Regarding Bitcoin Cash's earlier halving, Wu said that while the hash rate might "drop suddenly," he did not believe it would be a "fatal security issue" and that mechanisms to address 51% attacks have evolved. On the ecological impact of mining, Wu stated that "70% of the energy is from clean energy" and that miners in China often use "excess energy that wasn't consumed by the grid."