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China cracks down on crypto mining

China cracks down on crypto mining

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Beijing vs Bitcoin: The Impact Of China's Crackdown On Cryptocurrency - Money Mind - Investment
China intensified its crackdown on cryptocurrency on Friday, declaring all financial transactions involving cryptocurrencies illegal and. In May, Beijing called for a severe crackdown on bitcoin mining and trading, setting off what's being dubbed in crypto circles as "the great. China cracked down on its domestic crypto mining industry in May, but many miners have figured out ways to continue operations and evade.

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The surging price of bitcoin before the crackdown encouraged the tech-savvy across China to turn computers otherwise used for artificial intelligence or big data crunching to mining operations. However, upon closer examination, it becomes evident that China's crackdown is actually a positive development for the cryptocurrency market as a whole. China's mining crackdown has led to a redistribution of mining operations worldwide, which means no single entity or region can exert undue control over the network. Jiang Zhuoer, chief executive of BTC.

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