• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

China’s Ban On Mining Is Changing Crypto’s Landscape

Anifowoshe Ibrahim by Anifowoshe Ibrahim
12 months ago
in Mining
0

China announced last week that financial institutions in the country would no longer be able to sell Bitcoin services, and that mining would be prohibited. Many in the Bitcoin community, including this paper, reacted with skepticism to the news, noting that China has previously “banned” its companies from using Bitcoin with little effect, and that it is also theoretically impossible to outright ban Bitcoin from personal use.

However, it is clear that this new regulatory move is having a significant effect on the Bitcoin ecosystem, as local miners and exchanges are restricting or discontinuing Bitcoin-related activities.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

Reactions To The Ban

On Sunday prices slumped as miners halted Chinese operations in the face of increasing scrutiny from authorities.

From a low of $31,107 on Sunday, Bitcoin climbed as high as $35,970, but the frothy market’s rising sense of a shakeout made it difficult to make more progress, and it remains 45% below last month’s record high of $64.895.

The crash has brought the world’s most valuable cryptocurrency back to where it was in February, just before Tesla reported a $1.5 billion bitcoin acquisition and announced its decision to accept bitcoin as payment for vehicles, which has since been reversed.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin mining companies such as BTC.TOP, HashCow, and Huobi Mall have all responded to the new ban. Huobi Mall has recently stopped mining BTC, a cryptocurrency used by Chinese customers. According to Reuters, TOP has halted its operations in China, and HashCow has stopped purchasing new bitcoin mining rigs.

“On Sunday, [bitcoin] prices slumped as ‘miners,’ who mint crypto by verifying transactions, halted Chinese operations in the face of increased scrutiny from authorities,” Reuters reported. “The trigger for the initial crypto selloff appeared to come from toughening language from Chinese regulators.”

The bitcoin trading scene appears to be undergoing dramatic transformation as well. Those operating in Hong Kong, at the very least, will be expected to obtain a license from the city’s market regulators and will be limited to only providing services to professional investors.

“Dozens of cryptocurrency exchanges operate in Hong Kong, including some of the world’s largest,” according to a follow up Reuters report. “According to Hong Kong law, an individual must have a portfolio of HK$8 million ($1.03 million) to count as a professional investor.”

Related article | Huobi Halts Futures Trading Services, Mining Pool in China as Regulatory Pressures Mount

Elon Musk and Michael Saylor Push For Bitcoin Mining Council

The Technoking of Tesla, Elon Musk, announced on Twitter Monday that he has spoken with bitcoin miners. He wrote:

“Spoke with North American bitcoin miners. They committed to publish current & planned renewable usage & to ask miners worldwide to do so. Potentially promising.”

Spoke with North American Bitcoin miners. They committed to publish current & planned renewable usage & to ask miners WW to do so. Potentially promising.

— Elon Musk (@elonmusk) May 24, 2021

Saylor proceeded to say the meeting included executives from Argo Blockchain, Blockcap, Core Scientific, Galaxy Digital, Hive Blockchain, Hut 8 Mining, Marathon, and Riot Blockchain.

According to the Microstrategy CEO, the executives present at the meeting have “decided to establish an organization to standardize energy reporting, pursue industry ESG goals, & educate and grow the marketplace.”

Although Bitcoin does not need the permission of any government or other third party to operate, it appears that China’s recent legislation could alter the Bitcoin business environment, at least in the short term.

Crypto market cap slowly rising from last week’s blood bath. Source: TradingView

Related article | No, Turkey’s Bitcoin Ban is Not Crashing Prices

Featured image from Unsplash, Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Anifowoshe Ibrahim

Anifowoshe Ibrahim

Related Posts

Bitcoin crypto miners

Here Is Why The Russian Crypto Industry Is Trying To Attract Bitcoin Miners

10 months ago
Nvidia miner GPU

Nvidia RTX 3060 GPUs Being Sold For As Low As $270 By Miners As China’s Crackdowns Continue

10 months ago
Bitcoin crypto miners

Canaan Sells 10,000 Bitcoin Miners To Genesis Digital Assets

11 months ago
Bitcoin Mining Council, all together now

The Bitcoin Mining Council, Saylor, And Musk: What Transpired In The Meeting?

12 months ago
Real miners to represent crypto miners

Miners “Behave” During Bitcoin Bloodshed, Continue To Hold

1 year ago
tezos lawsuit

US Court Throws Out Nvidia Corp Crypto Lawsuit

2 years ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.