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 found their footing in other places like the United States. The China crackdown was swift and intense but it did not necessarily drive out all of the bitcoin miners.

Related Reading | Struggling Prices Beats Bitcoin Expectations Down From $100K To $50K

Bitcoin Miners Remain In China

A new report from CNBC has shown that there are still active bitcoin miners that remain in China. The report estimates that about 20% of all bitcoin miners continue to operate in the region, albeit in the shadows.

The report follows ‘Ben’, a bitcoin miner who continues to operate in the region. This miner shares that they have had to go underground and hope that they do not get caught by the Chinese authorities. Nevertheless, Ben and others like him continue to carry out their mining operations while coming up with more creative ways to evade detection by the authorities.

Bitcoin price chart from TradingView.com

BTC trending around $48K | Source: BTCUSD on TradingView.com

It was stated in a report from Cambridge University that mining…


Source link

Leave a Reply

Your email address will not be published.

Fill out this field
Fill out this field
Please enter a valid email address.
You need to agree with the terms to proceed

Menu