Hey DEFI TIMES community,

China is cracking down on Bitcoin mining again - for me, this doesn’t come as a surprise at all. China has been trying to ban cryptocurrencies for several years now.

Just recently, China’s Central Bank announced that Chinese payment institutions should prevent crypto transactions.

Five major banks in China are affected:

• Alipay

• the Agricultural Bank of China

• the China Construction Bank

• the Postal Savings Bank of China

• and the Industrial Bank

However, one thing is particularly sad here: China doesn’t only crack down on Fiat-to-crypto transactions, it’s also trying to ban Bitcoin mining.

Banning Bitcoin mining is like banning the open internet. North Korea made the mistake early on and failed miserably - open systems beat closed systems.

What China is missing here is that it’s not possible to ban Bitcoin in general. You can only ban yourself out of Bitcoin.

China might ban Bitcoin mining, but miners will just move elsewhere! Innovation will happen nonetheless - but apparently not in China.

Probably the biggest winner is the US: What China is missing out on, the US is gaining.

The Bitcoin network will continue to produce block after block. Each block reward will either go to Chinese miners or it will go somewhere else. If China decides to ban itself out of Bitcoin, it will miss out horribly in the long run.

While China is losing, the United States is gaining Bitcoin mining market share.

China is shooting itself in the foot!

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Bitcoin ETFs in Brazil and Dubai

DEFI TIMES @defitimes

BREAKING: Bitcoin ETFs listed in Brazil and Dubai! 🚀 Read here! 👇 defitimes.io/news/bitcoin-e…

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New Bitcoin ETFs have kicked off trading in Brazil and Dubai. They are the first Bitcoin ETFs in these countries.

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DEFI TIMES @defitimes

JUST IN: @enjin goes carbon negative! Read more here! 👇 defitimes.io/news/enjins-bl…

defitimes.ioEnjin’s Blockchain Has Gone Carbon Negative - DEFI TIMESEnjin’s blockchain has gone carbon negative! This comes after Enjin joined the Crypto Climate Accord to decarbonize crypto.

3:51 PM ∙ Jun 24, 2021

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Enjin’s blockchain JumpNet is now carbon negative. This comes after Enjin joined the Crypto Climate Accord.

Karura Network first Parachain

DEFI TIMES @defitimes

IT'S OFFICIAL: @KaruraNetwork wins the first Parachain auction in the @kusamanetwork 🚀 Read more! 👇 defitimes.io/news/karura-wi…

defitimes.ioKarura Wins First Kusama Parachain Auction! - DEFI TIMESKarura has completed its crowd loan campaign. Thus, Karura won the very first Kusama parchain auction. 500,000 KSM were committed!

3:39 PM ∙ Jun 23, 2021

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3Likes1Retweet

Karura Network is officially the first parachain on Kusama!

Bank of Israel to adopt Ethereum

DEFI TIMES @defitimes

BREAKING NEWS: Bank of Israel to adopt Ethereum! 🚀🚀🚀 defitimes.io/news/bank-of-i…

defitimes.ioBank of Israel to Use Ethereum Tech for Digital Shekel - DEFI TIMESAccording to Bloomberg, the Bank of Israel adopted Ethereum technology for an internal pilot run of the digital shekel.

9:24 AM ∙ Jun 23, 2021

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100Likes22Retweets

The Bank of Israel has announced they would launch a pilot of their CBDC on Ethereum. 

Chinese Miners relocate

DEFI TIMES @defitimes

BREAKING: First Chinese Bitcoin Mining Company Relocates to Kazakhstan! Read here! 👇 defitimes.io/news/chinese-b…

defitimes.ioChinese Bitcoin Mining Firm Relocates to Kazakhstan - DEFI TIMESBitcoin mining firm, BIT Mining, has moved its first batch of mining machines to Kazakhstan.

6:34 PM ∙ Jun 22, 2021

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12Likes5Retweets

The first Chinese Bitcoin miner has confirmed to be relocating to Kazakhstan. This comes after the recent Chinese crack down on cryptocurrencies.

Anyswap on Arbitrum

Anyswap @AnyswapNetwork

Anyswap is in partnership with Arbitrum! Arbitrum is a layer 2 optimistic rollup scaling solution. @arbitrum @ethereum Anyswap&Arbitrum UI: arb.anyswap.exchange

2:05 PM ∙ Jun 23, 2021

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264Likes56Retweets

Anyswap is now on Arbitrum. The L2 ecosystem is growing!

EIP-1559 on Ropsten testnet

Tim Beiko | timbeiko.eth 🦇🔊 @TimBeiko

We have a block! Took a bit longer than expected, but London is live on Ropsten 😅 ropsten.etherscan.io/block/10499401

2:05 AM ∙ Jun 24, 2021

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869Likes147Retweets

Ethereum EIP-1559 upgrade launches on Ropsten testnet as London hardfork nears.

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DISCLAIMER: All information presented above is meant for informational purposes only and should not be treated as financial, legal, or tax advice. This article's content solely reflects the opinion of the writer, who is not a financial advisor.

Do your own research before you purchase cryptocurrencies. Any cryptocurrency can go down in value. Holding cryptocurrencies is risky.