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Category: China

CBECI Report: China’s Hold Over Bitcoin Mining Was Waning Before The Crackdown

Shocker! According to the latest CBECI update, China’s control over Bitcoin mining was already waning. The Cambridge Bitcoin Electricity Consumption Index shows that and much more, it “provides an up-to-date estimate of the Bitcoin network’s daily electricity load.” However, China is the headline. The government’s recent ban on Bitcoin mining left the world speechless, and this feels like another piece to solve that puzzle.  It doesn’t quite fit, though. According to Arcane Research, CBECI numbers say that: China’s share of total Bitcoin mining power has declined from 75.5% in September 2019 to 46% in April 2021 — before the restrictions on Chinese miners were even imposed. That figure is much lower than the older estimate of 65%. Related Reading | Why China’s Crackdown On Bitcoin May Be Just Beginning That’s a sharp decline. Why did China’s miners lose so much ground before the ban? Did the Chinese government turn off the machines that they reportedly own? Why would they do that? Is everyone missing an obvious explanation for all of this? It’s also very interesting that the CBECI shows that the United States and Kazakhstan were growing at a tremendous rate before the ban. BTC price chart on Bitstamp | Source: BTC/USD on TradingView.com Bitcoin Mining In The United States And Kazakhstan  Arcane Research crunched the numbers, and apparently: Over the same period, the United States’ share of total Bitcoin hashrate increased from 4.1% to 16.8%, making it the second-largest Bitcoin mining location.  Following behind is Kazakhstan, with an almost six-fold increase of hashrate share — from a mere 1.4% in September 2019 to 8.2% in April 2021. That ‘s curious. After the government ban came into effect and the miners turned off their machines, we worried about the Bitcoin hash rate going into a death spiral. The great miner’s migration was on its way, and guess who were the forecasted big winners: Tons and tons of mining equipment are currently traveling to their new homes. There are reports of a huge operation in Kazhakstan, a neighboring nation of China. There are also rumors of equipment and personnel already settling down in Texas. The US state is making a push to become a Bitcoin mining capital, and apparently, the efforts already bore fruit.  Remember, though, everything the CBECI numbers show happened before the ban. Is there something we’re missing? Country share of global Bitcoin hash rate | Source: Arcane Research How Do They Get The CBECI Numbers? The Cambridge Bitcoin Electricity Consumption Index explains the methodology they use: The underlying techno-economic model is based on a bottom-up approach initially developed by Marc Bevand  in 2017 that uses the profitability threshold of different types of mining equipment as the starting point. Given that the exact electricity consumption cannot be determined, the CBECI provides a hypothetical range consisting of a hypothetical lower bound  (floor) and a hypothetical  upper bound  (ceiling) estimate. Within the boundaries of this range, a  best-guess  estimate is calculated to provide a more realistic figure that approximates Bitcoin’s real electricity consumption. So, it’s a very elaborate educated guess. However, it’s based on real data and a range of estimations. Does it tell us anything about the curious results they got? Is the data telling a story that we’re missing?  Related Reading | How China Bitcoin FUD Is Lowering The Cost To Produce BTC Last month, we posed a theory about the Chinese government trying to get rid of small hydroelectric plants. The whole situation is perplexing, so, we asked the following questions: It’s possible that the government is trying to get rid of those plants. That would explain the article’s tone, it seems like it was trying to get investors to stay away from those hydropower stations. In light of this, China’s ban on Bitcoin mining could just be part of an even bigger play. They’re serious and methodically shaking things up over there.  What could be their end-game? Is China just trying to go carbon neutral and repair the original flow of the rivers? Or is there something else at play here? Everything the CBECI shows seems to relate to the answer to all of these questions. However, there’s at least one piece missing. The mystery persists. Featured Image by Tuna Ölger from Pixabay – Charts by TradingView
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Breaking: Chinese Central Bank Releases White Paper For Digital Yuan (e-CNY)

People’s Bank of China (PBOC), the Chinese central bank today released the white paper for its upcoming digital CNY (DCEP). The central bank also gave an official English name to the digital fiat called e-CNY. China has been at the forefront of CBDC development, having started research and development for the same as early as

The post Breaking: Chinese Central Bank Releases White Paper For Digital Yuan (e-CNY) appeared first on Coingape.

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China Loses Grip on BTC Mining, Kazakhstan Rises Up the Ranks

The Chinese crackdown on crypto mining had a drastic impact on the Bitcoin network’s hashrate input. A recent study conducted by Cambridge Centre for Alternative Finance (CCAF) highlighted that China started seeing a drop in Bitcoin mining share even before the recent crackdown began. As per data, the mining share of China had already fallen

The post China Loses Grip on BTC Mining, Kazakhstan Rises Up the Ranks appeared first on Coingape.

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Anhui Joins Growing List of Chinese Provinces to Ban Bitcoin Mining

The Eastern Chinese province of Anhui has become the latest region in the country to impose a complete ban on Bitcoin mining activities owing to power shortage. The officials said it would help them in easing up acute power shortage issues for the next three years. The number of Bitcoin and crypto mining farms in

The post Anhui Joins Growing List of Chinese Provinces to Ban Bitcoin Mining appeared first on Coingape.

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Is It Game Over for Tesla In China? Will Tesla Sell Bitcoin [BTC]?

Tesla’s Bitcoin enthusiasm was short-lived as the leading electric car manufacturer suspended the Bitcoin payment option within a month of announcement. Elon Musk, the CEO of the company cited Bitcoin’s rising environmental concern as the key reason behind scraping BTC payment for Tesla cars. However, many pointed that Musk’s claims on Bitcoin don’t add up

The post Is It Game Over for Tesla In China? Will Tesla Sell Bitcoin [BTC]? appeared first on Coingape.

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Just-In: China Expands Digital Yuan Trials to 10 Million ‘Whitelist’ Users

China is currently aggressively testing its CBDC called digital yuan across multiple provinces in the country. It is all set to expand the trials to over 10 million new eligible users in the coming days as per the Chinese Central Bank deputy governor. Fan Yifei, the deputy governor during his recent address said that people willing

The post Just-In: China Expands Digital Yuan Trials to 10 Million ‘Whitelist’ Users appeared first on Coingape.

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Chinese crypto crackdown may extend to Stablecoin after butchering Bitcoin

Fan Yifei, Deputy Governor of the People’s Bank of China mentioned the speculative nature of both Bitcoin and Stablecoins, at the State Council policy briefing this morning. He said bitcoin and stablecoins are a potential threat to the state’s financial security and social stability, as the decentralized digital currency has become a gateway to money

The post Chinese crypto crackdown may extend to Stablecoin after butchering Bitcoin appeared first on Coingape.

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What Happens If You Try to Acess Crypto Exchanges in China Post Ban?

China’s crypto crackdown is only getting stronger with each passing day. It started with a warning for citizens to avoid crypto transactions that forced many exchanges to stop offering their services to Chinese origin customers. This was followed by a countrywide ban on crypto mining forcing several large Bitcoin mining farms to shut their operations

The post What Happens If You Try to Acess Crypto Exchanges in China Post Ban? appeared first on Coingape.

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Just-In: China Central Bank Shuts Software Company For Suspected Crypto Trading

The Chinese central bank has reportedly shut down a software company based out of Beijing on suspicion of involvement in crypto trading activities. The firm was reportedly focused on the entertainment industry and had a token called Mao Li Coin. The firm Beijing Qudao Cultural Development Co Ltd was ordered to seize all operations and

The post Just-In: China Central Bank Shuts Software Company For Suspected Crypto Trading appeared first on Coingape.

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Brian Armstrong Says China’s Digital Currency Is A Threat To U.S.

Brian Armstrong strongly argues that China’s Central Bank Digital Currency will pose a threat to the U.S. Armstrong see the CBDC as a move that will disrupt the United States reserve currency in the long run. According to Coinbase CEO Brian Armstrong, he has already discussed his concerns with heads of agencies and lawmakers. Brian […]
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Overnight Crypto Update: German Law Allows For $415B Crypto Inflow| Huobi Impose OTC Restrictions| BTC & ETH Miner Revenue Decline| El Salvador’s IMF Funding Request on Shaky Grounds

The crypto universe has its fair share of bullish and bearish news today right from Germany’s new law that would allow institutions to allocate 20% of their funds in crypto to the continuous miner revenue decline. El Salvador was back into the discussion again while all eyes are set on India’s upcoming monsoon session. Let’s

The post Overnight Crypto Update: German Law Allows For $415B Crypto Inflow| Huobi Impose OTC Restrictions| BTC & ETH Miner Revenue Decline| El Salvador’s IMF Funding Request on Shaky Grounds appeared first on Coingape.

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