Bitcoin Mining in China May Shift to Other Countries

Bitcoin mining in China may shift to other countries. Mining activities were prohibited in the country.

As a result of China's moves to control cryptocurrency mining, Bitcoin mining is expected to go abroad. Chanpeng Zhao, CEO of Binance, one of the world's largest cryptocurrency exchanges, said in his speech at the Qatar Economic Forum yesterday that many miners in China went to other countries. China has banned cryptocurrency mining in some regions where cryptocurrency mining is most intense. The move of China caused chaos in the cryptocurrency market and Bitcoin fell below $ 30 thousand. As it will be remembered, the leading cryptocurrency Bitcoin (BTC) had reached the level of $ 65 thousand in April. Dan Weiskopf, Portfolio Manager at Amplify Transformational Data Sharing ETF, predicted that China's bitcoin mining rate will fall from 65 percent to less than 50 percent by the end of the year. Weiskopf also noted that the US, Canada, Sweden and Argentina will create alternatives to China's mining operations.