China’s crackdown on Bitcoin mining has had an impact on local businesses. In a situation like this, the owners of the hydroelectric power plant have decided to sell their operation by offering a promise that it can be used for BTC mining.
So far, it has become increasingly clear in the crypto community that China is beginning to be aggressive in showing hostility to crypto. The world's most populous countries are likely to repeat the ban on crypto and more vigorously implemented in May. China has pressured and forced miners to cease operations on the grounds that it poses a threat to the environment.
This ban has had a clear impact on the BTC network with a 40% drop in hash rates in a matter of weeks. Not only that, small companies that channel services to crypto mining companies are also getting tempias.
According to Chinese media reports, several hydroelectric power plant owners have sold their services on a popular used e-commerce platform called Xiandyu. They claim that this small hydroelectric plant allows crypto mining to take place. On the other hand, it should be noted that prices for hydro plants have declined significantly in recent months.
However, some mining companies have made strides by relocating their operations to other countries. Among the preferred locations are Kazakhstan, Canada and the United States.
