China's crackdown on Huobi

Huobi limits leverage on futures trading

I don't understand why China would make it difficult for miners or exchanges to operate in their country.  China keeps making the rules more restrictive and then companies like Binance leave.  I think it would a much better strategy to welcome exchanges and miners with open arms and then tax and monitor them.  

Right now China is the leading power when it comes to Bitcoin and crypto.  They are going to force the crypto leads in China to flee and move to the United States to set up shop.

The united states has some of the most reliable power in the world.  It might not be the cheapest but I can buy electricity for about 10 cents a kilowatt hour.  It ends up costing me about a dollar to run a 3080 graphics card all day.  That used to generate about $12 a few weeks ago and now its closer to $6.  Even at $6 it is still profitable and worth doing.

Huobi used to allow 125x leveraged trading on futures.  That is a lot of leverage and risk but also very profitable for Huobi.  Without futures contracts and Chinese investors, Huobi is going to go down in volume and the HT token and HECO chain are also at risk of prices falling.

I think this is very bullish for Binance and Coinbase pro.  Its hard to fully trust Kucoin after they got hacked so Coinbase and Binance.

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