The FUD last week was centred mainly around China, giving a nice respite from Elon and the environment. Much of this was old news, with the Chinese government simply reiterating old rules. The only new development was news that the country is set to review its mining policies, leading to speculation that a government crackdown could be set to spark a dramatic shift of hash rate out of the country. Jiang Zhuoer, the operator of major Chinese mining pool Lebit Mining, says the implications mean that China will no longer be a BTC mining capital of the world: “The top mining pools may become European and American.”
According to MicroStrategy CEO and Bitcoin evangelist Michael Saylor, the expected spread of bitcoin mining is ultimately a good thing, and for several reasons.
A crackdown on miners in China would radically reduce the carbon footprint of Bitcoin mining, increase the profitability of all the remaining #Bitcoin miners, reduce nagging China FUD, support progress toward our ESG goals, & drive up the value of $BTC. We should be so lucky... https://t.co/78ELDF9sku
— Michael Saylor (@michael_saylor) May 21, 2021
The man has a way with words – and no fear of a market dip. His business intelligence firm MicroStrategy this week bought another 229 BTC amidst the chaos for $10 million cash, adding to their stack of 91,843 BTC. The listed firm now holds 92,079 BTC, which it bought for a total of $2.251 billion, at an average price of $43,663 per bitcoin.
It’s no wonder Michael Saylor has laser eyes.