Bitcoin mining in full swing in China despite government ban – The Mobile Indian
The Chinese crackdown on bitcoin mining started last year and as a result, China’s share in the mining process went to zero percent at some point. However, it feels like the region is now back in the game as Bitcoin mining has made a comeback in China despite the government ban.
According to the Cambridge Center for Alternative Finance (CCAF), China once again accounts for a significant portion of the global share in bitcoin (BTC) mining operations. For those unaware, it was reported in June last year that China decided to shut down Bitcoin trading and mining operations. However, the latest CCAF data shows that China contributes almost 20% to bitcoin mining operations from October 2021 to January 2022.
A statement from the CCAF indicates that China’s share of bitcoin mining was reduced to 0% in July and August. However, data shows that this figure was up from 22.29% in September 2021. their operations to the authorities and circumvent the ban,” the CCAF said in a statement.
This suggests that mining companies have been working covertly in China to cover their operations and continue mining bitcoin while using foreign proxy services to cover their tracks so authorities cannot track them down.
Meanwhile, it was recently reported that the New York State Assembly has passed legislation that will end the construction of new crypto-mining facilities that rely on fossil fuels as power sources. Crypto mining farms that use renewable energy sources are not affected.
The recently passed Assembly Bill A7389C, which was proposed by Democrat Anna Kelles, blocks the creation of new crypto-mining companies operating in New York State that use fossil fuels to operate.