Mining companies electronic money of the China are defying a nationwide ban and even risk going to jail for conducting cryptocurrency mining. A report from the Cambridge Center for Alternative Finance (CCAF) shows that Chinese cryptocurrency miners appear to be relentless in their mining activity. virtual money through energy-intensive mining processes.
The Chinese government has repeatedly banned all activities related to cryptocurrency mining and trading. This means that any person or even agency that is found to be dealing in cryptocurrencies is liable to the law and goes to jail. Simply put, cryptocurrencies and all related activities are basically considered illegal in China. The ban and subsequent crackdown reduced cryptocurrency mining.
However, the drop seems to be temporary as it is reported that a significant portion of Chinese crypto miners quickly adapted to the new circumstances and continued to operate in secret using proxies. abroad to distract attention and surveillance. As the ban was enacted and time passed, it seems that miners have become more confident and seem satisfied with the protection provided by local proxy services.
It is known that the US is the country with the largest cryptocurrency mining capacity today, accounting for 37.84%, and China ranks second with 21.11% of the cryptocurrency mining capacity. Kazakhstan at 13.22% and Canada at 6.48%.
Cryptocurrency mining activity is determined from the “hash rate”, which is basically the processing speed, and is measured in Exahashes per second (EH/s). A global peak capacity of 248.11 EH/s was reached in February 2022, with US capacity reaching 70.97 EH/s.
at Blogtuan.info – Source: Soha.vn – Read the original article here
