China Is Mining Bitcoin Underground: Report


According to a report by CNBC, bitcoin miners have found ways to keep operating in China despite the country’s comprehensive efforts to crack down on the industry.

China used to be the country with the most significant share of hashrate. But that began to change in May when Chinese authorities began cracking down on Bitcoin and bitcoin mining. The increased regulatory scrutiny led to tangible impacts on BTC miners and exchanges, which started limiting or putting an end to their activities. In under a month, the Chinese crackdown led ASIC maker Bitmain to stop sales, a sharp decline in Bitcoin’s total hash rate, and an “ASIC exodus” to ensue as the bitcoin mining landscape began to change.

Source: Bitcoin Magazine