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The underground story behind Chinas ban on crypto-mining

-China has placed an absolute ban on attributes related to Bitcoin, including mining and transactions.
-Despite the ban, data from the Cambridge Bitcoin Electricity Consumption Index shows that China’s “underground” Bitcoin hashrate has surged to 22% of the world’s total hashrate.
-The CCAF says that the data suggests that significant underground mining activity has formed in the country, with miners using off-grid electricity and geographically scattering small-scale operations to hide their tracks from authorities.
-After exhibiting almost no activity in August 2021, mining activities in China have made a swift recovery, with the country now accounting for more than 30% of the Global Bitcoin hashrate.

 

 

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The underground story behind Chinas ban on crypto-mining 3

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