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An official notice from the government of Changji Prefecture in Xinjiang detailed that officials in Zhundong Economic and Technological Development Park must instruct Bitcoin miners to shut down. The document stated that China’s Xinjiang Province is an area with a high concentration of Bitcoin miners, and Bitcoin activities in the park must be stopped before June 9. Nevertheless, the computing power of the Bitcoin network today is much higher than the average computing power of last week.
Many reports from China indicate that Chinese government officials have recently been less enthusiastic about the crypto mining industry. Bitcoin.com News reported some reports related to the country, indicating that mainland China may crack down on Bitcoin mining.
For example, Huobi and Okex revealed that these companies would restrict certain services to Chinese residents, and then Btc.top and Hashcow stopped their services to China.rumor “Cheap” miners surfaced Rumors of a large number of Chinese miners migrating to Central Asia became popular.
On Wednesday, Wolfie Zhao from The Block reported on a notice that the publication saw and verified, which indicated that a development park was closed, only for Bitcoin mining operations.
“According to the notice seen and verified by The Block, officials of the development park have been instructed to close all cryptocurrency mining activities under its management before 2:00 pm China time on Wednesday,” Zhao detailed in the report. The development zone in question happens to be the Zhundong Economic and Technological Development Zone.
Statistics show that Bitcoin miners are concentrated in Xinjiang and Sichuan. The amount of computing power in these two areas is unknown, but many people think it has high processing power.
Interestingly, Zhao was notified before a recent meeting of Sichuan energy officials that planned to discuss the impact of Bitcoin mining in the province. In addition, some mining companies from China explained that if the crackdown continues, business may move abroad.
Although Chinese notices and government officials are talking about Bitcoin mining, the overall computing power of the network has increased significantly. On June 9, 2021, Bitcoin’s hash rate has climbed to 180 exahash per second (EH/s) after hovering in the range of slightly higher than 150 EH/s last week.
Interestingly, in the past few weeks, the top pools of China Biyin, F2pool and Antpool have been vying for the top spot, and there have been several shuffles in the process.
Today, mining pools account for 15.2% of Bitcoin’s computing power, F2pool accounts for 14.5%, and Ant Pool accounts for approximately 13.1%. The top five mining pools currently processing SHA256 blocks on the BTC chain are all from China.
What do you think of the announcement of Bitcoin miners operating in Zhundong Economic and Technological Development Park? Please tell us your thoughts on this topic in the comments section below.
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