Following the recent Beijing blanket ban on cryptocurrency, there has been a lot of activity going on in the cryptocurrency space which includes exchanges exiting China amidst others.
Earlier in May, the Chinese Bitcoin mining community were banned from operating within the china borders, which saw a lot of mining companies selling their equipment and exiting the country. This action by China opened the way for other countries with excess unused energy to open their arms for the miners seeking refuge.
China has been the world's largest mining and trading centre for cryptocurrency. However, with the recent ban, China mining power has dropped while other countries are picking up. One of such countries is the US, which now has the highest supply of the mining hashrate with a total of 44%, according to data from the Cambridge Center for Alternative Finance (CCAF).
Another country that benefits from the china miners exit is Kazakhstan. Being one of the Destinations that received the migrating miners, it supplies a total of 18.1% of the total hashrate. Russia is the next biggest supplier of bitcoin hashrate and reportedly signed a hosting deal with Chinese customers supplying a total of 11.2% followed by Canada supplying a total of 9.6% of the hashrate market.
Experts have opined that the actions taken by the authoritarian Chinese government is to remove every possible competition against its government-owned digital currency, the digital Yuan. The digital currency is in the pipeline, undergoing testing and may be launched in 2022.
Some experts also believe that the Chinese crackdown is to give the government more control over the financial ecosystem, and it may become a big benefit to America and its economy. This action saw some proponents of the US government advising its Citizens and the SEC to take the bull by the horn and welcome the miners.
Despite the recent clampdown on crypto mining and trading, the September Bitcoin mining revenue hitched up as Miners made profits of $40M per day smiling through the month of September. Similarly, the Crypto market seems unperturbed as the prices of Bitcoin and Ethereum are rising with Bitcoin currently at $54,638 and Ethereum at $3,425367 at the time of writing
I am a crypto and blockchain technology fan with a love for writing to enlighten others about the revolution. This I do by writing news stories to bring the latest developments to my readers and help them stay informed about the most recent developments in the space at all times.