China Bans Bitcoin Mining: Are Chinese-Based Miners Expected to Immigrate Overseas

China’s largest miner has said that he will no longer offer a service where people outside of his company can mine cryptocurrency. This is news from Colin Wu, a reporter on Friday. The government announced that bitcoin mining and trading among other financial risks are to be controlled.

Zhuoer notes that the co-mining service only accounts for a small fraction of their computing power. The company intends to establish a cryptocurrency mining venture in North America. Yesterday, the bitcoin network’s hash rate remained stable after events; it dropped only a few percent.

China Bans Bitcoin Mining: Are Chinese-Based Miners Expected to Immigrate Overseas

Statement by the State Council of China

The publication also explains the statement that was made by the State Council of China yesterday. So, miners can mine cryptocurrency on their own and bear the risk of loss without raising a lot of money. The People’s Bank of China took a similar stance in 2013 regarding bitcoin transactions, banning the use of third-party capital in them.

In 2017, China banned the use of ICOs. This means that organizers must give back the money to investors without any other consequences. It is assumed that miners will not have their equipment taken away unless they have been caught stealing electricity. Zhuoer admits that if large farms are closed and the mining industry returns to how it was in 2014-2015, then large pools will move to Europe and North America.

A website called Huobi has banned people from China to open new accounts. It is also not allowing people to do trading on the exchange. This means that the price for USDT has gone down under 6 yuan, but it is still being traded at other places for a higher price. Primitive fund partner Davy Wang says this is because all Chinese people who want to change their cryptocurrency into fiat currency have already done so.

I know people who went into fiat quickly after they heard the news. They sold everything they had using different ways.

What about Burst?

All the disturbances in the crypto world did not affect Burstcoin in any way. A new type of mining, independence from government decisions and environmental friendliness make this cryptocurrency more popular and profitable!

China Bans Bitcoin Mining: Are Chinese-Based Miners Expected to Immigrate Overseas

HDD mining is an opportunity to earn cryptocurrency based on the Proof of Capacity (POC) algorithm. You do not need to use the processing power of video cards or high-performance ASICs to mine. Coin mining can be enabled by allocating free disk space. The algorithm fills the HDD with blocks of data (plots), which are generated by hashing the miner’s public key and random numbers. HDD mining equipment is a computer with an array of hard drives connected to it. The larger their total capacity, the faster the Burst will be mined.

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