The Chinese crypto community seems to flourish, as judged by the number of billionaires that are the country’s natives. Indeed, half of the top 10 richest crypto owners originate from the Communist Republic.
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.
China’s history on cryptocurrency is quite a controversial one. Most of the crypto users that became millionaires after 2017’s crypto-bubble were residing in China. The country’s mining pools dominated over 60% of the Bitcoin overall hashrate. Nevertheless, regulators are making every effort to stop the growth of the sector.
There are many countries and people that are embracing blockchain technology or using Bitcoin and other forms of digital currencies. But there are also those who don’t want to hear anything concerning the cryptocurrency business in their countries. What is the reason for such hostility?
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.