The ban imposed on Bitcoin mining in China has become a joke, mining is happening fiercely!


Bitcoin mining has recovered completely since the Chinese government crackdown on all crypto mining earlier this year, effectively shutting down more than half of the world’s miners overnight. Before the action, China had an ‘average monthly hashrate share’ of around 75 per cent. For those who do not know, let us tell you that the hashrate is used to calculate the computational power required to mine bitcoins. Now the latest data shows that the network’s hash rate has increased by about 113 percent in the past five months. This is a completely changeable figure for the effort to rein in China-based miners.

According to a report by CNBC, the hashrate, representing terahashes per second (TH/s), peaked at around 180 million TH/s on May 14, but fell to 86 million TH/s by July 4. However, as of last week, the number was back on average at 182.83 million TH/s. The ban had prompted miners to setup their equipment in other countries such as Russia and the US. Even Kazakhstan, which is located near China, faced the problem of power shortage due to the large amount of electricity required due to bitcoin mining. To deal with this problem, the country is also preparing to build a new nuclear power plant.

Speaking to CNBC, Kevin Zhang, Vice President of Business Development at the popular crypto mining firm Foundry, said that China [माइनिंग पर] Bitcoin has won the attack on the national level. According to Zhang, such a rapid recovery was made possible because the US made sure to lay the foundation for mining there so that prosperity could come there.

As China works to implement its pledge to build a low-carbon economy and reach top carbon emissions by 2030, it has stepped up efforts to crack down on crypto mining and trading from May this year.

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