Finding a new home: Bitcoin miners settling down after China exodus

Finding a new home: Bitcoin miners settling down after China exodus


A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point.

The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had held substantive consultations with banks and payment systems and then the largest Chinese financial institutions were told to stop speculative trading — in particular, with BTC.

As a result, Bitcoin’s hash rate showed one of the largest drops in its history. China’s share of BTC mining dropped 55% since the beginning of the year, as many Bitcoin network participants turned off their equipment.

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This was confirmed as China’s secondary market filled with GPU cards. Miners were actively selling cards, including the all-powerful GeForce

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