Why China Is Cracking Down on Bitcoin Mining and What It Could Mean for Other Countries

Why China Is Cracking Down on Bitcoin Mining and What It Could Mean for Other Countries

China hosts around 75% of the world’s bitcoin mining capacity—or “hashrate”—due to its established technology supply chains and extremely cheap electricity. Chinese Vice Premier Liu He told a group of finance officials that the government would “clamp down on bitcoin mining and trading activity” to ensure financial stability. Jiang Zhuoer, chief executive of BTC.TOP, which accounts for more than 18% of China’s bitcoin mining hashrate, announced the suspension of his local operations. While most crypto mining operations in China could be considered legal grey areas, some are outright illegal, says Tang. While the price of bitcoin will likely recover from its current slump, it’s unlikely that China’s bitcoin miners will be chasing Sichuan’s spring rains as before.

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