The Great Miner Migration | Weekly Recap
China's mining ban is actually good for the country
Bankless DAO’s weekly NFT drop is by Cedric Fangeat—let’s propagate crypto culture.
Dear Bankless Nation,
Chinese Bitcoin miners are fleeing the country following the recent ban. While we haven’t concretely discovered the reasoning behind the ban, there are a few rumors.
For one, China may be looking at Bitcoin as a hindrance to its ambitious climate goals. To give some context, President Xi Jinping committed China to achieve carbon neutrality before 2060.
The country is one of the largest greenhouse gas producers in the world, so these are clearly ambitious goals. Obviously to meet them, it will require the country to make drastic changes over the coming years.
As a result, Bitcoin’s environmental concerns (which we know are dubious) may have made it a victim of the country’s clean energy goals.
Others also believe Chinese authorities view crypto as a threat to its central bank digital currency—a crucial aspect of the country’s plan to become an economic powerhouse.
Additionally, there’s the standard “crypto facilitates illicit transactions and money laundering” claims that we’ve all heard time and time again. But as Nic Carter pointed out in his piece, does banning mining really do anything from preventing people from using crypto?
Not really.
But the outcomes are clear. Hash rate is taking a dive as miners across the country shut down. With over 65% of the network’s mining power allegedly located in the country, this is a significant shakeup in the network’s geographic distribution of hash power.

Who will be the new dominant player is up in the air—only time will tell on this.
But there’s a silver lining behind the ban. While the security of the network is taking a hit, this is actually good for the overall health and decentralization of the network.
The concentration of mining power in China has been a concern for many critics over the years. This ban mitigates this issue significantly.
All I know is that this feels like the same old China FUD that we see every cycle.
So will it matter in the long run?
If history is any indicator, probably not.
But we shall see :)
- Lucas
P.S. Ledger launched their Paraswap integration—allows you to swap any tokens at the best price directly from your Ledger Live app. Who knows….might be worth it
🙏 Sponsor: Balancer—Earn $BAL back on trades when you swap tokens on Balancer.
Recap for the week of June 21st, 2021
🎙️ WEEKLY PODCAST EPISODE
Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed
ACTION RECAP
Execute any good market opportunities you saw in Market Monday
Participate in DeFi fundraising 🔥
Analyze the COMP token
WATCH & LISTEN
🎙️ Listen to Facing the Frontier | Jim Bianco
📺 Watch Rollup: China Bitcoin Miners | RIP McAfee | Layer 2 Summer
METAVERSAL 🧙♂️
BANKLESS DAO 🏴
Weekly Subscriber Perks 🔥
The Bankless badge gives you access to perks like these:
Early Access: Bull Case for Ethereum II | Ethereum Community
Full Access: Time to Dig In | Market Monday
Launch your own raffle for Bankless Badge holders! Go ahead. We can’t stop you.
📺 Episode 50 of State of the Nation
🎙️Listen to Podcast Episode | 📺 Watch the Episode
We’re now live streaming State of the Nation—join us at 2pm EST every Tuesday!
🗞️ Latest Weekly Rollup.Download the crypto meta to your brain in this weekly show.
Listen to podcast episode | iTunes | Spotify | YouTube | RSS Feed
Go Bankless. $22 / mo. Includes archive access, Inner Circle & Badge—(pay w/ crypto)
🙏Thanks to our sponsor
Balancer
👉 Experience the future of liquidity. Get BAL back when you swap on Balancer.
Balancer is an automated portfolio manager and liquidity protocol allowing you to deposit capital and earn a passive income on your portfolio. With Asset Managers, Balancer V2 takes this idea to a new level by leveraging smart investing strategies to maximizes your APY at all times. Welcome to the future of programmable liquidity—earn, trade, and build new applications on Balancer V2. Check it out here.
Sponsorship paid for by Balancer Labs🚀
Tag Bankless on twitter and tell us how you’re going bankless for 3 x 🔥
Listen to the podcast with Jim Bianco—dude leaked alpha.


Want to get featured on Bankless? Send your article to submissions@banklesshq.com
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.