China proves Bitcoin to be an unstoppable machine: Founder of the Bitcoin Center

China’s crackdown on Bitcoin (BTC) mining continues to face decisive reactions across the crypto ecosystem. Nick Spanos, one of the earliest BTC exchange operators and co-founder of the Zap Protocol, said the raid only proves that Bitcoin is an unstoppable machine “unless the world’s second largest economy can … crush, devalue and manipulate Bitcoin. ”

Spanos notes that crackdowns are becoming scarcer as there are fewer miners in relation to the volume of transactions, and highlights the increase in miners’ profitability while mining difficulties continue to decrease. He explained:

“Bitcoin’s algorithm adapts roughly every two weeks so that a block of transactions can be broken down every 10 minutes. This makes Bitcoin mining easier and more profitable. It’s a recipe to get more miners back. “

Spanos said miners pulling out of China will try to gain a foothold in neighboring countries like Kazakhstan, Iran and Russia. “Others in the region would be well served to take advantage of this opportunity,” he added. Recently, one of the largest mining companies in China announced that it would leave the country and split its mining activities between the United Arab Emirates, Canada and the United States of America, Kazakhstan and Iceland.

Spanos noted that the price of bitcoin keeps rising as regulatory failings are “unearthed” by the community.

Last week, Galaxy Digital CEO Mike Novogratz saw “a massive net positive” for Bitcoin in the wake of China’s move. He said the market crash followed by an all-time high followed by high volatility was a test of success for the entire crypto ecosystem.