China’s War Against Crypto Is Officially Ramping Up (Again)

Read more on this subject: China
News Story Source: https://www.zerohedge.com, by Tyler Durden
The state has intensified its aggressive pursuit of crypto miners, some of whom have tried to "disguise themselves as data researchers and storage facilities to stay in business" according to a Bloomberg report.

In several Chinese provinces, inspections of companies have "intensified", with an eye toward targeting illegal mining at places like colleges, research instiutions and data centers, according to the report. 

One reason China is taking such drastic steps is that there is concern over the country's power supplies heading into the upcoming winter.

Crypto mining has already slowed in China, which was formerly the dominant mining country in the world. The country had a 46% share of the global hash rate as recently as April, Bloomberg notes. 

But as the country cracked down on crypto earlier this year, so did its global hash rate. Some miners wound up leaving the country while others took their chances in staying and trying to skirt the
Read More or Make a Comment

Bookmark the permalink.

Comments are closed.