China’s State Council, or cabinet, banned cryptocurrency mining and trading in May, citing environmental and financial concerns. The decision prompted an exodus of miners in search of cheap energy and crypto-friendly politicians. China’s bitcoin mining ban resulted in the “great mining migration,” said Sam Tabar, chief strategy officer at Bit Digital, a New York-based bitcoin miner. The company suspended its operations in China, which it had been winding down since October 2020, after the prohibition. Michel Rauchs, digital assets lead at the closely watched Cambridge tracker, noted that “the effect of the Chinese crackdown is an increased geographic distribution of hashrate across the world,” adding that it could be seen as “a positive development for network security and the decentralised principles of bitcoin.”
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