The actions taken by China against Bitcoin have led to more graphics cards on the market. Many things have happened nowadays regarding Bitcoin, between its constant rise and fall in value, we can see how this has started to affect different industries.
And there are some very curious things going on at the moment. First of all, we have Elon Musk, who every time he talks good or bad about Bitcoin, its value changes radically.
Another of the things that have attracted the most attention, related to Bitcoin, is the mining of this cryptocurrency through the use of many graphics cards connected, we have already seen it on several occasions, it is nothing new, but this is a very important issue regarding the Bitcoin.
First of all, Elon Musk decided to stop accepting Bitcoin for any purchase related to Tesla, which made the Bitcoin price drop drastically. He decided this thanks to how environmentally unfriendly Bitcoin farming was thanks to the blatant use of energy to run so many graphics cards. Then things changed as well but now it’s an issue with China.
The Bitcoin, China, and graphics cards
China made it known that it will focus entirely on going after Bitcoin mining, with one of its first actions against the cryptocurrency being to ban banks from accepting Bitcoin transactions, which caused the value of the currency to drop even further than it has been dropping in recent weeks.
One would think that this has only affected a single sector, but the truth is that all this is like a butterfly effect, as Bitcoin mining led China to ban the currency in banks and, in turn, this has led the currency to drop in value, which consequently has caused the purchase of graphics cards to be reduced as interest in farmer has dropped and, thanks to this, there is a greater supply of cards on the market and therefore, their price has decreased.
As a result, many more cards are now available in stores and at much more affordable prices.
The actions of a single person or entity have unleashed a new wave of cards that can now be purchased by anyone who wants to have them. So if you were waiting for the opportunity to buy one of these, then now is the time, because all it takes is one tweet from Elon Musk to trigger a new surge in demand and prices.
It’s a very crazy lot we live in, but at least there is some kind of logic to everything that is currently going on.
What are the other measures China will take?
We’re still not sure what all China has planned to curb Bitcoin farms, but whatever happens, is certainly going to make the general interest in buying this currency and mining it much lower.
Let’s just see that the first step to curb this activity has already paid off, so we would not be surprised to see the value of Bitcoin continue to fall thanks to the Asian country’s actions.
Now we just have to wait and see if another currency will replace Bitcoin and how things will get out of control again or if it will be possible to control all this.
Only time will tell, but for now, it’s time to take advantage of the fact that there are more cards available worldwide. There is always a silver lining.