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As the saying goes "one man's trash is another man's treasure", China has kicked out 90% of Bitcoin miners, but the rest of the world seems to be benefiting from the move. Kazakhstan is now reaping the benefits of crypto miners fleeing China, while Beijing continues to lose revenue and vital technology.

Although China has cracked down on cryptocurrencies in recent years, it remains the largest bitcoin mining country in the world, with more than 65% of the total hashrate.

The restriction imposed on cryptocurrency services providers by China has made the entire digital currency market hit a snag. The price of Bitcoin, the largest crypto asset by market cap, has plummeted to touch the $30,000 level, a price that it last traded on Jan 02, 2021 (almost 6 months ago).

China is known for its controversial stance on cryptocurrency. In fact, digital assets were scrutinized by the government. On the other hand, the Communist Republic seems willing to embrace blockchain technology. Apart from Bitcoin, however.

At this year’s annual gathering, the Chinese legislative body proposed the establishment of a fund to support the development of blockchain technology led by the government.

The Communist Party of China (CPC) has enlisted a total of 71 private technology companies as crusaders of the new National Blockchain project. E-commerce heavyweight JD.com and telecommunications and tech giants, Huawei and Tencent are among those signed up.

Update: it is possible that the letter mentioned in this article came from fake or hacked email, and its author had intentions to manipulate prices of cryptocoins on the market.

Bitcoin and cryptocurrency exchanges have always been irregular in China, especially when it comes to LocalBitcoin. Every now and then the volume changes. Last week the nation set a new all-time trading volume record on the LocalBitcoins platform . This shows that the demand for Bitcoin ceases to slow down in China. Furthermore, this shows that issuing a permanent ban on Bitcoin will never be in China’s interest.

A week before ago Central bank banned ICO, and now, Chinese news reports another tough decision from local authorities – to close cryptocurrency exchanges in China.