China's crypto mining scene is on the decline

The government in China seems to want to put an end to the crypto scene for good. The Middle Kingdom used to be something like the hub of the crypto world. Two thirds of all new bitcoins were mined in the country. But that was once upon a time. China's crypto mining scene is on the decline because of the country's rigorous anti-crypto policy. "The exodus is imminent," a Bitcoin prospector from the southwestern province of Sichuan said this week to the "Global Times". "We're fleeing overseas." China has never made a secret of the fact that their Bitcoin and Co do not fit. As the government made clear this week, however, it is ready to fight with increasingly tougher conditions. At the beginning of the week, the authorities pulled the plug on 26 mines in the Chinese Bitcoin stronghold. The systems were shut down. Crypto farms had also been closed in the weeks before. The price of the oldest and still most important cryptocurrency Bitcoin plummeted. Last Tuesday, the price fell below $ 30,000. With its prospecting ban, the government made an unequivocal signal: It now wants to make short work of it. Digital currencies such as Bitcoin or Ether are no longer being let up. Bitcoin has always been regulated in China, but crackdowns are now being made. According to the Chinese authorities, cryptocurrencies disrupt the economic order and facilitate illegal asset transfers and money laundering. In addition, the mining harms the environment and the other industry is dug up the energy. Observers, however, point out that Beijing is pursuing its own interests and may be more concerned about possible competition with the digital yuan.