Why Russia Is Benefiting From The Great Chinese Bitcoin Miner Migration
Russia has increased its hash rate because of miners fleeing from China due to the country's ban against Bitcoin mining.Its been less than six months since China’s May 2021 crackdown on bitcoin mining, resulting in the greatest shakeup in the network’s history.According to Cambridge University’s Center for Alternative Finance (CFAF), since May, the US has pulled into first place for bitcoin mining with 35% of the global hashrate, while China has gone from 45% to zero. Image Source Although Kazakhstan is currently in second place with 18% of the network’s mining, the small....
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China’s crackdown on its crypto mining sector, launched earlier this year, caused a massive migration of mining enterprises to friendlier jurisdictions. Miners have been moving enormous amount of coin minting hardware to new bases around the world, with Russia reportedly taking the largest share among several attractive destinations, including the U.S. Russia, Kazakhstan, US Accept Most Chinese Mining Rigs The influx of Chinese miners in several countries which either provide certain regulatory clarity or offer cheap energy has been accompanied by a large transfer of mining....
Chinese crypto miners migrate seasonally from the southern regions in search of cheaper electricity. But is it always due to the climate? The behavior of crypto market participants often depends on political and economic factors: the price of crypto assets, regulations in a specific country, or political events. For Chinese miners, however, the factors differ somewhat. For several years, Chinese mining operations have been largely reliant on climate. While Western crypto companies fear falling stock prices and regulators, the survival of many crypto mining operations in China depends on....
According to Chandler Guo, an influential Chinese bitcoin miner, a proof-of-work (PoW) version of Ethereum is “coming soon.” The news comes as The Merge is expected to be implemented on Ethereum during the week of September 19, and the growing discussions of delaying the highly anticipated proof-of-stake (PoS) transition. Chinese Miner Chandler Guo Says ‘Ethereum PoW’ Is Coming Soon Chandler Guo has stated that an Ethereum proof-of-work (PoW) version will be “coming soon” ahead of The Merge that’s been penciled-in for the week of September....
Following the deplatforming of Donald Trump and crackdown on “undesirable” social media use, Bitcoiners migrated from Twitter to Mastodon. The post The Great Migration: As Speech Is Censored, Bitcoin Finds Mastodon appeared first on Bitcoin Magazine.
Bitcoin could possibly be at one of the most important moments in its history. The mining sector located in China was forced to migrate due to new regulations. These entities are responsible for protecting the network and their actions can be felt throughout the entire crypto industry. As a consequence, there has been an increase […]