Death knell for Chinese crypto miners? Rigs on the move after gov’t crackdown
Cointelegraph
Published Jun 04, 2021 12:44PM ET
Updated Jun 05, 2021 02:40PM ET
When it comes to China, few things are crystal clear, and the nation’s recent crackdown on crypto mining is no exception. The State Council’s Financial Stability and Development Committee reported on May 21 that it is curtailing Bitcoin (BTC) mining amid financial risk concerns, which prompted the South China Morning Post to proclaim that “China’s place at the centre of global bitcoin mining is fading.”
“We are seeing the cryptocurrency market enter a path to ‘de-China-isation’ — first on trading and now on computing power, based on a series of stronger steps taken against cryptocurrencies and Bitcoin mining last week by Beijing,” Wang Juan, associate professor on blockchain at Xi’an Jiaotong University and a member of the OECD Blockchain Expert Policy Advisory Board, told the publication.
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Written By: Cointelegraph
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