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.
A prediction on China's last regulatory strike on crypto industry:July 9, 2021
1. An effective strike on crypto mining
2. Several recent events
3. Strike effect prediction on Exchanges
4. Prediction on Bitcoin price
5. What if the bear market has started https://t.co/blWf59fy4q
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.
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.