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Bitcoin (BTC) Hashpower in China Down by 90 Percent, Crypto Exchange Moves Overseas: BTC.TOP CEO

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Fri, 07/09/2021 - 12:16
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Vladislav Sopov
BTC.TOP CEO Jiang Zhuoer, cryptocurrency mining veteran, shares the details of how "great Chinese crackdown" ended
Bitcoin (BTC) Hashpower in China Down by 90 Percent, Crypto Exchange Moves Overseas: BTC.TOP CEO
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BTC.TOP is in the cohort of the most influential Bitcoin (BTC) mining pools in the world: in the past 365 days, it was responsible for 2.3 percent of the Bitcoin (BTC) hashrate. Here is what its CEO, Jiang Zhuoer, thinks about the efficiency of China's anti-Bitcoin witch hunt.

Chinese hashpower is down by 90 percent, exchanges are leaving

According to a detailed blog post by Mr. Zhuoer, 90 percent of Bitcoin (BTC) mining data centers in China are already shut down. Only small-sized entities continue operations, while all of the giants are completely out of the game.

Thus, the "strike on crypto mining" has proven effective. Even the most powerful players in the local market have decided to leave amidst an intensified crackdown.

According to BTC.TOP's CEO, Huobi Global moved all executives and some employees overseas. OKCoin, the corporation behind crypto exchange mogul OKEx, removed itself from mainland China's registry.

Its world-famous founder and investor, Xu "Star" Mingxing, posted "Sailing Out to Sea" on his WeChat Moments, the Chinese analogue of Instagram Stories.

More restrictions to come

As a result, blockchain-oriented businesses in China have been totally destroyed. Even if a service moves its hardware infrastructure overseas, it will be impossible for it to operate normally in the P.R.C.

The attacks on Bitcoin (BTC) and cryptocurrencies have targeted not only miners and entrepreneurs but also average traders. As covered by U.Today previously, Chinese netizens now cannot access Binance (BNB), a world-leading cryptocurrency exchange.

Related
Binance Now Blocked in China

Binance's (BNB) domain names have been blacklisted by the Great Chinese Firewall, a notorious Internet censorship mechanism. In June, Chinese search engines started to filter crypto-related words.

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About the author

Blockchain Analyst & Writer with scientific background. 6+ years in IT-analytics, 3+ years in blockchain.

Worked in independent analysis as well as in start-ups (Swap.online, Monoreto, Attic Lab etc.)