New Move Regarding Bitcoin Mining In China

A new move has been made regarding Bitcoin mining in China. This time, China has put Bitcoin mining on the list of industries that should be eliminated.

China, which has banned almost everything related to cryptocurrencies, from trading to mining, continues to show its hostility to this area. With an official decision made on January 10, the Chinese government has included cryptocurrency mining on the list of industries that should be eliminated. Previously, the Hainan state government had announced that it would impose a fine of $0.12 per kilowatt to those operating in such prohibited industries. As it is known, China has not been warm to cryptocurrencies and mining for years. However, in the country, which has had more than 60% of the hash rate for a long time, there was no serious intervention to cryptocurrencies and their investors until 2021. The great interest in cryptocurrencies since the end of 2020 and the influx of investments in the sector from all over the world caused countries to take action immediately. Authoritarian countries like China acted faster on this issue, and in May, vice president Li said that cryptocurrencies and their mining should be banned. With the measures and penalties taken, many miners fled to countries such as Kazakhstan, Russia and the USA. Prices have plummeted. At the end of September, mining was a completely banned industry in the country.