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Thursday, 15 July 2021

The end of Chinese Bitcoin mining

The Chinese government's clampdown has forced most Bitcoin miners offline.

In May, a government committee tasked with promoting financial stability vowed to put a stop to bitcoin mining. Within weeks the authorities in four main mining regions—Inner Mongolia, Sichuan, Xinjiang and Yunnan—ordered the closure of local projects.

China had accounted for about 65% of bitcoins earned through mining, according to the Cambridge Bitcoin Electricity Consumption Index. But analysts think about 90% of its mining has now ceased.  

Read the full story "Deep in rural China, bitcoin miners are packing up" from The Economist. HERE