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Chinese underground Bitcoin miners are still active: CCAF

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Chinese underground Bitcoin miners are still active: CCAF 7

The majority of the Bitcoin miners of China are continuously engaged in Bitcoin mining operations to generate revenue despite the country imposed blanket ban on crypto.

China is a highly technology adaptive country and also China is currently standing as a leading country in the world in terms of blockchain technology adoption via its homemade Central Bank Digital Currency (CBDC), or say, Digital Yuan. But in 2021, China started to ban crypto from July and finally imposed a full ban on crypto in September 2021. 

The Cambridge Centre for Alternative Finance (CCAF) did research on the Bitcoin mining activities by the Chinese miners and found that huge numbers of Bitcoin miners are still actively doing mining activities anonymously.

According to the research, Chinese Bitcoin miners were controlling around 21.1% of Bitcoin hash rate power. So even under the crypto blanket ban provisions, China was standing at 2nd rank in the Bitcoin mining operations globally, just after the US which was contributing around 37.8% to the Bitcoin network hash rate.

Chinese underground Bitcoin miners are still active: CCAF 6

When initially China imposed a ban on cryptocurrencies in July & August then at the time Bitcoin network hash rate contribution from the Chinese Bitcoin miners was reduced to zero. But later in September 30.47 exahashes/s reached from only China in September.

Through this research and analysis, CCAF noted that huge numbers of underground bitcoin mining operations re-established.

CCAF said:

“significant underground mining activity has formed in the country.”

A person from a Chinese mining rig company shared some information regarding Chinese Bitcoin miners with crypto news media Forkast and said that Company’ many clients of the firm are still in China. That person urged Forkast to maintain full privacy about his identity and to remain away from the issue related to this matter.

The CCAF said in the report:

“Access to off-grid electricity and geographically scattered small-scale operations are among the major means used by underground miners to hide their operations from authorities and circumvent the ban.”

These things are showing that the majority of the Bitcoin miners are facing unemployment issues and these situations are forcing them to go with the Bitcoin mining operations to generate revenue.

Read also: Tether can’t hide its reserved funds behind its stable coin: US court

Chinese underground Bitcoin miners are still active: CCAF

 

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