Finding a new home: Bitcoin miners settling down after China exodus
Cointelegraph
Published Sep 12, 2021 03:21AM ET
Updated Sep 12, 2021 05:00AM ET
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.
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Written By: Cointelegraph
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