• 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
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
Bitcoinist.com
No Result
View All Result
Breaking News: Breaking: DOJ Takes Down Mt. Gox Hackers For Multi-Million Dollar Crypto Theft

China’s Online Marketplace Records Surge In Mining Machines Listing Following Ban

Anifowoshe Ibrahim by Anifowoshe Ibrahim
2 years ago
in Bitcoin
0

Chinese online second-hand market sees a surge in second-hand mining machines from Inner Mongolia and Sichuan.

Marketplace Sees Surge In Bitcoin Mining Machines

China’s largest online second-hand market place Xianyu has registered a surge in Bitcoin mining machines listing over the past few days especially from Inner Mongolia and Sichuan regions, the two most prolific Bitcoin mining hubs. The significant increase in the sale of second-hand Bitcoin mining machines comes amid growing crackdowns on mining operations in China.

On China's largest online second-hand commodity trading platform Xianyu, the number of mining machines has increased significantly, mostly from Inner Mongolia, Sichuan and other places, and prices are also continuing to decline. pic.twitter.com/MgSn5kEK9w

— Wu Blockchain (@WuBlockchain) May 29, 2021

Inner Mongolia has enacted new legislation that will restrict any type of crypto mining businesses in the territory. To fulfill the carbon emission goals, the new regulations prohibit all types of mining operations, large or small. After failing to achieve Beijing’s quarterly carbon emission goals, the Inner Mongolian area launched strong anti-crypto mining measures in April of this year.

Inner Mongolia, along with Sichuan, is one of the country’s most renowned Bitcoin mining centres, with multiple Bitcoin mining farms, owing to the cheap energy sources used to power these operations.

Related article | China’s Ban: Crypto and Crypto Mining May Be In A New Era

Is The Ban Currently Affecting Bitcoin?

China is presently regarded as the world’s crypto mining capital, accounting for almost 60% of the total hash power fed into the Bitcoin network. The availability of cheap clean energy sources is the key cause for the country’s large concentration of miners. Many people were concerned, however, that such a significant concentration of mining input was coming from a country with autocratic governance, such as China. As a result, many regard the recent crackdowns as a strategy to diversify mining concentration and decentralize mining power input.

When there were similar reports of a probable mining ban in the country a few years ago, miners went on a similar selling spree.

Miners have been forced to sell coins to fund a possible migration to other, more favorable countries, or to completely restructure their business as a result of the circumstance. Selling and uncertainty may persist for some time, but according to Bixin Mustafa Yilham, VP of Global Business Development, it should not dissuade bitcoin.

Instead, he says that this is a “huge opportunity” to further decentralize Bitcoin mining, and that nothing essential about the cryptocurrency has changed.

The fact that so much of the world’s mining operations were consolidated in the communist country was regarded one of the most powerful arguments against Bitcoin and a potential threat to the network.

Bitcoin mining becoming more decentralized benefits all players and, if anything, increases the cryptocurrency’s underlying strength. It might go through a few more stages of development before fresh growth is ready.

BTC/USD still in the $30,000 range since last week. Source: TradingView.

Related article | Are China’s Miners Relocating To Other Countries? Are They Selling Their BTC?

Featured image from Pixabay, 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 price

Bitcoin Price Set To ‘Sprint’ Toward $40,000, This Prominent Trader Claims

13 hours ago
Bitcoin

Bitcoin Takes Center Stage As A Hedge Tool, Backed By Robert Kiyosaki

2 days ago
Bitcoin

Bitcoin Investors Get Robust Returns In May – How Will Binance Lawsuit Affect Their Gains?

4 days ago
Rare satoshis

Rare Satoshis: The Rising Star In Crypto After BRC-20 And Meme Coins?

4 days ago
Bitcoin Whale Shark

Bitcoin Sharks & Whales Have Bought 93,000 BTC Since April Top: Santiment

2 weeks ago
Bitcoin

BREAKING: Bitcoin Mining Industry Spared From 30% Tax In US Debt Ceiling Deal

2 weeks ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Play Finance

Now Trending

  • Whale Power Unleashed: Mooky Emerges as the Rival Meme Coin...

    1 week ago
  • Exploring the Meteoric Rise of Mooky: Could It Be the Next...

    1 week ago
  • Discover the Next Big Thing: Mooky.io Presale Boasting Fair...

    1 week ago

Top Casinos

Trust Dice
Trust Dice
Punt Casino
Punt Casino
mBit
mBit
1xBit
1xBit
K8
K8

Press Releases

  • Best Altcoins To Buy Today June 10th

    3 hours ago
  • Open AI’s CEO Raises 100M for its Crypto Project...

    5 hours ago
  • Dogecoin (DOGE) Price Prediction: Cardano (ADA) Trying To...

    10 hours ago
  • What Does Recent Coinbase Lawsuit Mean For Ethereum and...

    10 hours ago
  • As PEPE Continues to Fall, Smart Investors Are Putting...

    11 hours 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
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • Gambling
      • Bitcoin Casinos
      • Real Money Slots
      • Online Casino Real Money
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin 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 Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance

© 2023 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.