Chinese crypto Mines Clampdown

The Saga of Chinese Crypto Mines Clampdown

The rising number of Chinese Crypto mining crackdowns pose no little but a fearsome threat to Digital currency. Mounting the sporadic list of the crypto mines crackdown in China are three more mining hubs; Henan, Gansu and Anhui Province.In May 2021, the Chinese Central Government moved for a severe crackdown of not only Bitcoin mining but also crypto trading in China.

Wednesday, July 14 2021, Colin Wu a Chinese Journalist reported that Henan and Gansu province are shutting down its mining hubs in the province thereby implementing the decision reached upon by the State Grid’s headquarters in late June. These are aimed at curtailing an imminent power outrage as more provinces are expected to do likewise said Colin Wu
The move for a crackdown was discussed at a meeting held in May by China’s Ministers and State councils.

The concern was centred on environmental and financial growth as the Nation is booting towards its Carbon Neutrality goals and Financial Stability.
Paving a way for Miner’s migration is the Chinese clampdown of crypto mining as other Nations sees it as an economy driving opportunity in the digital era.

However,Iran is one of such nations, as its Ministry of Industry issues not one but thirty (30) Licenses to Cryptor Mining firms. In welcoming the Digital Asset to another domain, the President of  El Salvador has taken the bold step of making Bitcoin a legal tender and even offering $30 worth of the bitcoin to its citizen that signs up for a digital wallet.

The Chinese Clampdown an end to bitcoin ? An open opportunity for a broader playing field. Notwithstanding,China has contributed immensely to the growth of bitcoin Minning through Antpool,F2Pool.Huoibi pool and poolin, has contributed over 50% of the global bitcoin processing power over the period of one year. Which makes it obvious why the crash in bitcoin price hits an all time low since the start of 2021.