Chinese Bitcoin Miners shifted to other countries amid Crypto Ban

Syed AhadWeb Editor

13th Jul, 2021. 11:26 pm
Bitcoin

China announced a crackdown on Bitcoin mining in May, pushing the majority of miners to leave.

Before the ban, China mined over 70% of all Bitcoin.

The majority of miners has now shifted outside of China, increasing the industry in other regions of the world.

After several weeks of executing the Bitcoin mining crackdown, it appears that approximately 90% of all mining businesses in China have shut down.

Whereas, the Chinese government has ordered crypto mining to shut down in different provinces.

Less than a week after Chinese regulators tightened rules on the trading of bitcoin and other digital currencies, BIT Mining announced it will invest $35 million in crypto mining data centers in Kazakhstan and Texas.

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