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BCH · 206w

Several Chinese Bitcoin Mining Operations are Shutting Down, Local Sources Claim

An interesting sea change is flowing through China as we speak. Although the country is still the biggest powerhouse when it comes to Bitcoin mining, multiple operations have reportedly shut their doors in the past few weeks. It is thought a lot of individuals will sell their ASIC hardware and move on to other ventures. If there is any truth to these claims, China may become an afterthought in the world of cryptocurrency sooner or later.

What is Going on With Chinese Bitcoin Miners?

Ever since the main Bitcoin exchanges in China halted CNY trading, there has been a lot of confusion and fake information emanating from the country. A lot of mainstream media outlets continue to claim China has banned Bitcoin, even though that is not the case. Cryptocurrency trading is still taking place in the country as we speak, and mining operations are still active. That is how it would seem, anyway, but TechBang claims the latter situation is changing in a rather surprising manner.

More specifically, the news outlet claims a lot of miners have shut off their hardware as a result of a “crackdown”. That would be rather surprising, considering both Bitcoin and Bitcoin Cash still see plenty of hashpower devoted to them right now. China is still the largest mining country for cryptocurrency right now, but it appears this may come to change in the near future. A lot of Bitcoin mining machines have been discovered on CyBTC, a second-hand auction site.

Additionally, it appears there is an influx of cryptocurrency mining-related graphics cards being sold right now. This latter point has nothing to do with Bitcoin mining, as GPUs are mainly used to mine popular altcoins. While it is not unusual for people to be selling off GPUs right now, there seems to be little reason to actually do so. It is uncanny how some media outlets still assume GPUs are used for Bitcoin mining in 2017.

That being said, there is a shift taking place as w...

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