Since then, several North American, publicly-traded bitcoin miners have published their quarterly results, and they posted quarter-over-quarter increases in bitcoin mined across the board.
Since March, the total bitcoin in miners’ wallets has been on the rise and is making its way towards the 2020 high of 1,829,642 BTC. The substantial decline in hash rate that followed the intervention by the Chinese Communist Party has been a gift for all North American miner industry stakeholders, due to the substantial decrease in miner difficulty.
Over the last 30 days, miners have accumulated 5,357 more BTC than they have transferred, in an increasingly bullish trend that reduces sell pressure across the broader bitcoin market.
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According to its website, Compass Mining is a “Bitcoin first” company. Created with the objective of “supporting the decentralized growth of hash rate” and BTC’s network security, Compass Mining allows “everyone” to mine BTC.
Editorial Director at Compass Mining, William Foxley, attributed the decision to the company’s Bitcoin-based business model. He said via Twitter: Chase kicked us out for being a Bitcoin company.
The event has triggered a response from the crypto community. Users of Gibbs’ tweet accused the bank of trying to sabotage the crypto industry and other comments that referred to the bank as a “dinosaur”.
Two replies stand out from the crowd, one from Magdalena Gronowska, co-founder of Canadian startup Citadel256, claiming that Chase is the “second bank in NA shutting down miners this week”. The other is from a Bitcoin miner, accusing the banking institution of restricting his account:
Not long-ago Chase put a limit on my daily spending and I couldn’t use my own money the way I wanted. So, I used BTC to buy ASICs.
Many other users accused Chase of shutting down their accounts for no reason other than offering Bitcoin-related services. The crypto industry has suffered similar actions in the past from traditional finances, regulators, and politicians.
Therefore, is no surprise that the CEO of Compass Mining agreed with Mark O’Sullivan, founder of Swell Ventures when he said:
I’m so looking forward to the day when we look back on banks screwing us 6 ways from Sunday and we laugh at their demise.