Bitcoin: Western miners profit hugely, during China’s crackdown

Syed AhadWeb Editor

07th Jul, 2021. 12:24 am
bitcoin

According to a report published by Arcane Research, China’s restriction on Bitcoin mining has resulted in greater profits for Western miners.

Due to the recent decline in the price of bitcoin, Western mining firms have had massive stock market gains in the last month.

China used to be home to a significant share of the global Bitcoin mining hash rate.

Whereas, Miners began to move out of the country in large numbers as the state began to crackdown.

As a result, the worldwide BTC hash rate has dramatically decreased. Western miners now deliver a larger share of the hash rate.

Mining firms are experiencing better earnings as the competition is very low. These profits exceed the losses due to the extent of the BTC price drop, compared with a net gain.

Marathon and Riot are two of the largest mining companies in the west, and their stock prices have risen significantly.

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