Banned bitcoin miners were found using China’s state resources to carry on with their operations.
The Chinese Bitcoin mining industry represented the biggest BTC production in the world.
The shutdown of such a significant industry does not only impact the numbers of carbon dioxide emissions but also weights over a big human factor that was reliant on mining operations.
It is being widely reported that many Chinese Bitcoin miners are migrating to the U.S. and countries where they can find cheap electricity and kinder laws.
At press time, Bitcoin trades at $61,824 with sideways movement in the 24-hour chart. The question is raised whether some Chinese crypto miners will find other ways to carry on operations in China’s own way to endure the crisis.
The Chinese government has been working on an ambitious plan to reduce carbon emissions until they reach carbon neutrality, which has found a big obstacle since they rely on coal for generating electricity. The government is working to reduce its own power shortage.