China’s share of global bitcoin manufacturing power had already shrunk before the crackdown on bitcoin mining!

Research by Cambridge University on Thursday showed that China’s share of global bitcoin productivity had plummeted even before the recent crackdown on cryptocurrency mining by its authorities.

China has long been the center of global cryptocurrency mining, a highly energy-intensive process. Many bitcoins in China use fossil fuels, including minor coal. This raises concerns about the environmental impact of Bitcoin. July 15 at 1:30 p.m. IST The price of Bitcoin in India 24.1 lakh.

According to data from the Cambridge Center for Alternative Finance, the country’s share in the power of computers connected to the global bitcoin network, known as the “hash rate”, fell to 46% in April this year from 75.5 in September 2019. Percentage.

During the same period, the share of hash rates in the United States increased from just 4 percent to 16.8 percent, making it the second largest producer of bitcoin. Along with other major producers such as Russia and Iran, Kazakhstan’s share also rose by around 8 percent. The decline in China’s mining power came at the end of May, before action was taken by China’s State Council, or Cabinet, citing natural financial risks to bitcoin mining and trade.

Anhui, in eastern China, became the new province to announce a comprehensive ban on cryptocurrency mining this week. Major Chinese mining centers, including Sichuan, Inner Mongolia and Xinjiang, have issued detailed measures to root out trade.

Bitman, the maker of China’s largest cryptocurrency miner, has been suspended following a mining ban in Beijing last month. Stop selling Was given. The company said it was looking for power supplies abroad, including in the United States, Russia and Kazakhstan.


Leave a Reply

Your email address will not be published. Required fields are marked *