Signs of cryptocurrency enforcement loom

Signs of serious mining enforcement seen in China

After two prominent exchanges, Huobi and Okex, halted specific services to residents of mainland China this week, two Bitcoin mining operations have followed suit and also abandoned the country.

Btc.top and Hashcow have suspended services over "regulatory risks", and many are saying there will be an influx of Bitcoin mining machines available for sale soon.

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In the news

Miners to form 'Bitcoin Mining Council' to promote renewable energy

Tesla CEO Elon Musk has spoken with North American Bitcoin miners and have committed to forming a Bitcoin Mining Council to "promote energy usage transparency & accelerate sustainability initiatives worldwide."

Hosted by Microstrategy CEO Michael Saylor, they have also agreed to publish their current and planned renewable usage.

Potential flood money into Bitcoin when ESG standards are met
Shark Tank star Kevin O'Leary has predicted that a flood of institutional money will flow into Bitcoin once miners have addressed the renewable energy and environmental, social, and governance (ESG) issues, allowing institutional investors to get into the asset class.

Now that institutional investors are interested in gaining BTC exposure, he stressed that miners must ensure that Bitcoin can meet the firms' ESG standards.

Biden administration looking to increase cryptocurrency oversight

The Biden administration is reportedly looking to increase oversight of the crypto market with the aim to protect investors and prevent illicit transactions.

Federal regulators do not currently see volatility in the crypto market as a threat to the broader financial market stability but believe that the risks are worth monitoring.