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.
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The condition of cryptocurrency miners in Iran is continuing to worsen as the government imposes a ban on the mining activity citing high energy consumption of the operation that have been causing power outages in the country. The poor Iranians who have been depending on crypto-mining will suffer more due to the government decision to prohibit mining during hot summer months.
The Inner Mongolia government has launched a platform that will be used by the general public to report any activity or operation related to cryptocurrency mining within the Mongolic autonomous region of the People's Republic of China.
The cryptocurrency market has blossomed in the past few months as Bitcoin hit an all-time high of $61,000, which has in turn increased the demand to mine these digital assets. However, crypto mining remains way out of reach to most investors due to the cost of mining equipment and electricity costs.
Following the recent blackouts in major cities, Iran has started hunting for illegal businesses that are using the government's electricity to mine bitcoin (BTC) and other cryptocurrencies. What does this mean for the Blockchain and cryptocurrency industry?
A huge amount of profits are being generated for countries through this cryptocurrency mining. For this reason, governments are channelling their surplus resources to boost the mining business and the entire cryptoasset sector.