China: The Second Largest Bitcoin Mining Country Despite Crypto Ban
2022-05-19 15:21:08
China has become the Second Largest Hub For Bitcoin Mining Globally
In 2021, China banned cryptocurrency trading and mining in its country in the month of September. This had a negative effect on the price of the number one cryptocurrency in the world, Bitcoin, and a major crackdown in the Cryptocurrency Industry globally. As the country declared all cryptocurrency transactions illegal and banned every one of her citizens from working with any crypto-related firm, it had a negative impact on traders and investors, but the market rose again after that major sell-off due to that news.
The Bitcoin price live is $30,044.35 as of the time of writing this article on the Gate.io trading platform. There has been a major support level of $30,000 for BTC. On the trading chart, the trading pair is BTC/USDT, and there are other trading pairs of BTC on the Gate.io trading platform. The current market trend has been bearish, and this may be a good time to buy BTC and hold it for a long time so that traders and investors can mark good profits.
As some countries such as El Salvador and the Central Africa Republic are looking for ways to make Bitcoin a legal tender, others want to ban cryptocurrency activities. The process of creating a new bitcoin by solving puzzles and also confirming transactions on the cryptocurrency network on various exchange platforms, thereby making the transactions trustworthy by verifying the transaction information is known as bitcoin mining. This mining process is important for maintaining the ledger of transactions. In the same way that gold is mined using heavy-duty machines, so is Bitcoin mined using sophisticated data machines consuming large amounts of electricity.
According to the recent data from Cambridge Center For Alternative Finance (CCAF), China has emerged as one of the leading crypto-mining countries despite the ban placed by the government in 2021. The Cambridge Center For Alternative Finance usually publishes the Cambridge Bitcoin Electricity Consumption Index (CBECI), the CEBCI provides a real-time estimate of the electricity consumption of the Bitcoin Network. China now occupies 21.11% of the market share while the United States leads with a market share of 27.69%. You can learn more about bitcoin on the Gate.io exchange.
In 2021, China banned cryptocurrency trading and mining in its country in the month of September. This had a negative effect on the price of the number one cryptocurrency in the world, Bitcoin, and a major crackdown in the Cryptocurrency Industry globally. As the country declared all cryptocurrency transactions illegal and banned every one of her citizens from working with any crypto-related firm, it had a negative impact on traders and investors, but the market rose again after that major sell-off due to that news.
The Bitcoin price live is $30,044.35 as of the time of writing this article on the Gate.io trading platform. There has been a major support level of $30,000 for BTC. On the trading chart, the trading pair is BTC/USDT, and there are other trading pairs of BTC on the Gate.io trading platform. The current market trend has been bearish, and this may be a good time to buy BTC and hold it for a long time so that traders and investors can mark good profits.
Bitcoin Mining Activity In China
China was the world's biggest miner and the government believed that cryptocurrency has disrupted the country's financial system and has been a contributor to the country's crime rate and money laundering. This led to the prohibition of cryptocurrency in China. One of the major effects of cryptocurrency being banned is that it led to the cryptocurrency industry relocating offshore including start-ups. This also led to the relocation of miners from China to overseas.As some countries such as El Salvador and the Central Africa Republic are looking for ways to make Bitcoin a legal tender, others want to ban cryptocurrency activities. The process of creating a new bitcoin by solving puzzles and also confirming transactions on the cryptocurrency network on various exchange platforms, thereby making the transactions trustworthy by verifying the transaction information is known as bitcoin mining. This mining process is important for maintaining the ledger of transactions. In the same way that gold is mined using heavy-duty machines, so is Bitcoin mined using sophisticated data machines consuming large amounts of electricity.
According to the recent data from Cambridge Center For Alternative Finance (CCAF), China has emerged as one of the leading crypto-mining countries despite the ban placed by the government in 2021. The Cambridge Center For Alternative Finance usually publishes the Cambridge Bitcoin Electricity Consumption Index (CBECI), the CEBCI provides a real-time estimate of the electricity consumption of the Bitcoin Network. China now occupies 21.11% of the market share while the United States leads with a market share of 27.69%. You can learn more about bitcoin on the Gate.io exchange.
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