China’s share of global bitcoin production power had already fallen before the crackdown on bitcoin mining!

NDTV Gadgets 360 Hindi

Research by the University of Cambridge on Thursday showed that China’s share of global bitcoin production power had fallen sharply even before the recent crackdown by its authorities on cryptocurrency mining.

China has long been the center of global cryptocurrency mining, a highly energy-consuming process. Many bitcoin miners in China use fossil fuels, including coal. This raises concerns about the environmental impact of bitcoin. The price of bitcoin in India was Rs 24.1 lakh on July 15 at 1:30 pm IST.

According to data from the Cambridge Center for Alternative Finance, the country’s share of the power of computers connected to the global bitcoin network, known as the “hash rate”, fell to 46% in April this year from 75.5 in September 2019. was the percentage.

Over the same period, the share of the United States’ hash rate increased from just 4 percent to 16.8 percent, making it the second largest producer of bitcoin. Kazakhstan’s share also increased to around 8 per cent, along with other major producers such as Russia and Iran. The decline in China’s mining power came ahead of action taken by China’s State Council, or cabinet, in late May, citing inherent financial risks on bitcoin mining and trading.

Anhui, in eastern China, this week became the latest province to announce a broad ban on cryptocurrency mining. Major Chinese mining centers including Sichuan, Inner Mongolia and Xinjiang have issued detailed measures to root out the trade.

Bitmain, China’s largest maker of cryptocurrency miners, halted sales last month following Beijing’s mining ban. The company said it was looking for power supplies abroad, including in the United States, Russia and Kazakhstan.<!–

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