Facebook exec: China's crackdown on Bitcoin mining is a "great development" for BTC

David Marcus, head of Facebook Financial (F2), which is responsible for the cryptocurrency project Diem (formerly Libra), believes that the Chinese government's crackdown on Bitcoin mining is "a great development" for cryptocurrency. Many people in the cryptocurrency field agree with him.

Facebook exec sees China crackdown on Bitcoin mining as a good development

David Marcus, head of F2 (Facebook Finance), which includes Facebook Pay, Novi, and all of the social media giant’s payments and financial services efforts, shared his thoughts on the Chinese government’s crackdown on Bitcoin mining. Marcus is also a co-founder and board member of the cryptocurrency project Diem (formerly Libra).

“More Bitcoin mining moving to the US and Western countries, how can this be a bad thing? IMO China crackdown on mining is a great development for BTC,” he wrote on Twitter on Monday.

Many people agreed with Marcus, sharing their opinions on Twitter. Several of them agreed that the move may seem bearish in the short term, but is good for Bitcoin in the long run.

Marcus Swanepoel, CEO of cryptocurrency exchange Luno, commented that there is a familiar pattern with anything Bitcoin: 1. Potential issues are discovered (AML, scaling, Chinese miner concentration, etc.), 2. Solutions are created (Chainalysis, Lightweight, China bans mining), 3. Risk mitigation is misinterpreted as increased risk, and 4. Ultimately, nothing is lost = [rocket emoji].

Sharan Nair, chief business officer of Indian cryptocurrency exchange Coinswitch Kuber, believes that I totally love it, and every so-called move to bring down Bitcoin is actually good for it. Perhaps, what doesn't kill you makes you stronger, this has never been more true.

After the Chinese government shut down Bitcoin mining farms, miners are said to be moving their operations out of China, with Chinese miners or miners registered in China looking to Central Asia, Eastern Europe, the United States and Northern Europe...

Brandon Arvanaghi, a bitcoin mining engineer and former Gemini security engineer, said, “You’re going to see a dramatic shift in the next few months. Texas is probably one of the states in the U.S. where bitcoin miners will move to. We have governors like Greg Abbott in Texas who are pushing for mining. It’s going to become a real industry in the U.S., and it’s going to be incredible.”

Florida is another state in the U.S. that could potentially attract cryptocurrency miners. Miami Mayor Francis Suarez is working to attract miners to his city, with the goal of making the city a Bitcoin hub. The pro-Bitcoin mayor noted that Florida has an abundance of nuclear power, meaning it is very cheap electricity.

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