Bitcoin Miners Are Moving Out Of China
The bitcoin mining hub has slowly been losing its dominance in the global hash market.Over the past few weeks, Bitcoin markets have had to deal with a swarm of bad news coming out of China.It started with rumors that miners in Sichuan had gone offline after the province limited energy-intensive industrial activities, such as Bitcoin mining.Then came a joint statement by three of China’s top financial self-regulatory organizations reminding the public of the country’s 2017 ban on crypto assets. Then it was reported that for the first time, the Chinese State Council, headed by President Xi....
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While on the surface it seems officials from five provinces in China have been cracking down on bitcoin miners, no one is quite sure how much hashrate is moving, which pools are affected, or where these miners will end up. A number of mining pools have seen hashpower percentages decline and Bitcoin’s overall hashrate has regressed as well. On the other hand, as several known pools have lost hashrate, processing power from “unknown” pools has increased a great deal. Pool Percentages Decline, Overall Hashrate Dips Lower There have been reports stemming from officials in....
Many Bitcoin miners in China are down with the blues as Beijing forces several operations to go offline. China, once home to about 65% of the total Bitcoin (BTC) mining hash power has given the boot to several miners in the country.The country’s Bitcoin mining ban means miners have been forced to shut down their operations with some establishments already moving hardware overseas.Tweeting on Wednesday, Kevin Zhang, vice president of crypto mining advisory outfit Foundry says the mood among Chinese miners has grown sour, adding:“Sentiment is obviously quite dreary and the reality is setting....
The bitcoin mining crackdown was one of the major moves by a government that rocked the crypto space. The crackdown saw the mass exodus of bitcoin miners out of the presumed mining capital of the world as the Chinese government ramped up its efforts to push the miners out. During this time, the mining hash rate from the region had crashed to nearly zero. Miners moving out of the country had had to quickly move their mining rigs and find new homes for them. During this time, the hash rate and by extension, the price of bitcoin, had suffered extensively but with time, bitcoin miners had....
Following the bitcoin mining crackdown in China, the Nasdaq-listed firm Bit Digital published a second-quarter bitcoin production and mining operations update and noted the company is moving 14,500 bitcoin miners from China to the United States. Bit Digital says after the Chinese government’s decision to ban bitcoin mining, the company “accelerated” its migration strategy to North America. Bit Digital Publishes Unaudited Report On July 13, the company Bit Digital (Nasdaq: BTBT) revealed that it was migrating 14,500 bitcoin miners to the U.S. after China’s recent....
Bitcoin mining companies in the west yield strong returns as China’s crypto mining crackdowns continue. Western Miners Rake In Big Profits During China’s Crackdown As per a report from Arcane Research, China’s crackdown on Bitcoin mining has resulted in more gains for Western miners. Despite the drop in the price of BTC, Western mining companies […]