Cryptominers flee China as crackdown intensifiesBloombergBitcoin miners are moving out of China as authorities intensify their crackdown, the heads of some of the world’s biggest cryptocurrency exchanges said. There’s big shipments.”Chao said he has seen movement by clients in Binance’s mining pool, which combines the computing power of number-crunching machines that verify cryptocurrency transactions. The hashrate, which measures the processing power used in bitcoin mining and is used as a proxy for mining activity, has also dropped by about 40 percent in the past couple of weeks, data from BTC.com showed. “It’s expensive to move rigs, but it’s not impossible.”China’s state-run Global Times reported that multiple bitcoin miners in China’s Sichuan Province were closed on Sunday as authorities intensified their crackdown. “The decline in hash is probably a short-term phenomenon and evidence of China miners coming offline,” he said in an e-mail.

Source: Taipei Times June 24, 2021 15:56 UTC