Select Page

Anhui Joins Growing List of Chinese Provinces to Ban Bitcoin Mining

Anhui Joins Growing List of Chinese Provinces to Ban Bitcoin Mining
This article is added for educational purpose only. All credit goes to the respected author of this article. All In One Crypto App do not hold any liabilities of this article. You can get the source link at the end of the article content.

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 China have already declined to near zero due to the ongoing crackdown by the authorities that started in late May.

The recent floods in the country that has displaced more than 100,000 people didn’t have any impact on the Bitcoin mining hash rate confirming a majority of miners have left the country. Earlier, these floods resulted in the disruption of several mining farms.

Gansu, the northwestern province of China, also received the notice that Bitcoin mining farms will be shut down.

This year’s crackdown by the Chinese authorities is believed to be the strictest till now as Beijing’s focus on carbon neutrality has intensified.  Although Anhui is not one of the biggest crypto mining hubs in China, the power shortage and Beijing’s call for a crypto sweep have forced the authorities to impose strict measures on mining activities.

Chinese Crypto Crackdown Timeline

Like every bull season, even this year Chinese authorities continued to warn crypto exchanges as well as traders against crypto trading and use. However, things started to take a serious turn towards the end of May when the focus shifted toward eradicating the crypto mining industry.

Inner Mongolia became the first province to put a blanket ban on crypto mining, but it was not out of the blue as the province had failed to meet its carbon emission goals because of the heavy industrial work and mining activities. Sichuan, another crypto mining hub first declared it won’t impose any immediate strict measures when the Inner Mongolia regulations surfaced, but soon after went back on its decision to completely prohibit any mining activity in the region.

China accounted for more than 60% of total crypto mining activities and the recent crackdown had shut down most of the big crypto mining farms resulting in a sharp drop in the BTC network’s horsepower falling over 50% within a month of the crackdown.

The Chinese crackdown on miners is seen as a bullish move for the crypto ecosystem as many experts claim mining farms would relocate to other nations bringing much-needed decentralization in Bitcoin mining. The Bitcoin network hash rate has started to show signs of recovery.

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

 

Source: Coingape

 

All In One Crypto App presents a unique dynamic crypto course that allows you to become a profitable and successful trader. Download Now

Don't forget to share your review/suggestions for the android app.

All In One Crypto App is an execution-only service provider. The material provided on this website is for information purposes only and should not be understood as investment advice. Any opinion that may be provided on this page does not constitute a recommendation by All In One Crypto App or its agents. We do not make any representations or warranty on the accuracy or completeness of the information that is provided on this page. If you rely on the information on this page then you do so entirely on your own risk.es here

Categories

Select a Sub Category
category
6151e3838c2cc
0
1
Loading....

Reviews

All In One Crypto App

Made $234 profit with Free Signals from $50

This is the best useful app on my phone. Started trading with $50 and in 5 weeks I was up to $234 just with the free signals. I will recommend it to any new person that wants to try trading crypto. Link to Review

Asoluka Chimdindu

Free User
All In One Crypto App

Good Support

This app is one of the best for crypto currency trading signal for experts and beginal with free and premier with auto follow trading bot all the signal is excellent with accurate technical analysis and fundamental I really like the way they guide and support. Link to Review

olaplus olaplus

Premium User
All In One Crypto App

Accurate Trading Signals

I was premium member of this channel back in 2018 when there was no app. Thr signals were too good, more than 90% accuracy. Now with this app and newly introduced auto trading bot, it will be awesome. Too the moon. Link to Review

Yogesh Patil

Premium member
All In One Crypto App

Awesome and Accurate Signals

Very glad to use this app. The crypto signals was awesome and accurate with detailed explanation and visual information. The admin also helpful and nice. Link to Review

soon cheong

Free User
All In One Crypto App

User Friendly App

Signals are great. I love it. App also friendly to use… Nice job guys Link to Review

Olawunmi Dilureni

Premium Subscriber