China Has Triggered a Bitcoin Mining Exodus

China has long been the world’s epicenter of bitcoin mining, an energy-guzzling process to secure the cryptocurrency network and mint new bitcoins via specialized machines known as “mining rigs.” According to the University of Cambridge’s Centre for Alternative Finance, over 65 percent of miners working on the bitcoin blockchain were based in China as of April 2021. But Chinese miners are now on tenterhooks following a top government official’s announcement, in a speech on May 21, that Beijing would start to “crackdown on bitcoin mining and trading behavior.”

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