Chinese Crypto Miners Continue to Be Pressured, ‘Hashrate’ BTC In Danger! - Kakiforex.com - Financial Market Media No. 1 in the World Chinese Crypto Miners Continue to Be Pressured, ‘Hashrate’ BTC In Danger! Chinese Crypto Miners Continue to Be Pressured, ‘Hashrate’ BTC In Danger!
InstaForex

June 10, 2021

Chinese Crypto Miners Continue to Be Pressured, ‘Hashrate’ BTC In Danger!

 A few hours ago, China released a report that the Chinese government reportedly took drastic action by banning Bitcoin mining in Xinjiang province. This crackdown has forced local miners to cease operations.


Because China's policy restrictions, Bitcoin hashrate starts to decline, ranked first antpool fell 25%. pic.twitter.com/9Dfqxr8OZe


- Wu Blockchain (@WuBlockchain) June 9, 2021


Due to these restrictions, BTC ‘hasrate’ in some areas of China’s crypto miners began to show a decline. AntPool and Poolin have recorded the biggest drop of around 25% in the BTC ‘hashrate’ based on data shared by Chinese journalist Colin Wu.



Having ceased operations in some of the largest crypto mining destinations such as Mongolia and Sichuan, authorities are now resuming operations by banning Bitcoin mining in the Xinjiang region.


The China Development and Reform Commission issued a statement saying:


Authorities have issued directives to crack down on crypto mining. All those involved should stop the production and construction of crypto.


This crypto ban in China is not only for 'mining' but also includes exchange platforms. Baidu and Sogou are among the companies that have blocked information seeking on three major exchanges including Binance, OKEx, and Huobi.


China’s recent crackdown has put tremendous pressure on Bitcoin and the entire crypto market. On Tuesday, the BTC price dropped to $ 32,000 and then rose to $ 34,949.61 at 9.40 p.m. Some analysts have yet to confirm whether China’s recent action is a FUD or China this time around wants to act seriously.