China becomes the world’s second largest bitcoin mining center thanks to “undermining”
China’s share in bitcoin mining capacity fell to zero in July 2021 as the country’s authorities introduced a crackdown on the cryptocurrency. However, Chinese bitcoin miners are not giving up despite the government’s ban on bitcoin mining.
According to the Cambridge Bitcoin Electricity Consumption Index (CBECI) Report, bitcoin mining in China has rapidly recovered. In September 2021, Chinese bitcoin mining accounted for 22% of the total bitcoin mining market in the world, and this number did not drop below 18% until January 2022.
Bitcoin mining rates of countries around the world. Source: CBECI
Recently, China has regularly issued warnings about cryptocurrencies. CNBC rated the crackdown on bitcoin mining as the most serious measure.
The world’s second-largest economy already has to deal with a months-long energy shortage in 2021. China remains heavily dependent on coal and is ramping up investment in renewable energy with a central target. go carbon neutral by 2060. Authorities see cryptocurrency mining as a potential obstacle to this plan.
The recent resurgence of bitcoin mining in China has made the country the second-biggest destination for bitcoin investors as there are still 2 million bitcoins left unmined. However, the value of bitcoin is now down more than 50% from its peak in November 2021.
at Blogtuan.info – Source: genk.vn – Read the original article here
