So China is supposedly cracking down on crypto miners?
Fat chance.
As you know, I live and work in Knoxville, TN.
We have a huge bitcoin mining facility just up the road:
And guess what? It’s owned and operated by the Chinese company BitMain.
I recall there was talk of maybe 12+ more facilities here in the US that they run?
How would anyone crack down on that? They just look like data centers.
They aren’t physically in China to crack down on, and all they do is pay utilities (I imagine that’s a pretty hefty bill)
Their rent is here in the US, and I see no way to “crack down” on them.
It isn’t like there is a sign out front that says “we mine crypto here.”
There. I took care of it for China. Consider them “cracked down” upon.
The real story here is that they are probably manipulating the market down to acquire a higher stake.
Higher stake = more control, which is all China ever wants.
That’s my guess.
Hope you don’t get cracked down on,
Jeffry
P.S.: I’ll probably share some thoughts on the crypto market in my special live encore class tonight. You’ll also get one of my favorite Echo stock picks. Join me here.
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