Crypto in China

China’s crackdown on bitcoin mining has caused severe damage to local businesses. Owners of small hydroelectric power plants have decided to put for sale their operations, promising that they can be used for BTC mining. Illegal BTC Mining in China to Go on? As it has become painfully clear for the cryptocurrency community, China doesn’t favor Bitcoin. The world’s most populated nation tends to reiterate its ban on the industry frequently, but this May, it took things a step...

Mad Money host Jim Cramer is still bullish on Bitcoin, but instead of buying more BTC he went for Ethereum this time, claiming it can be used to buy more things like NFTs (Non-Fungible Tokens). In an interview with CNBC’s Squawk Box, Cramer said a lot of money is coming to Bitcoin despite its current slump. However, he seems to have changed his mind again by buying more Ethereum instead.  “Bullish. Have to be. There’s too much money coming in,” says @JimCramer. “I went back...

The financial analyst and Global Head of Equity Strategy at Jefferies – Christopher Wood – opined that the Chinese officials want no competition for its digital renminbi. That is why they enforced the crackdown on bitcoin and other cryptocurrencies lately. China Cares About its CBDC Not Carbon Footprint Christopher Wood – the prominent financial analyst focused on the Asian market – surmised that there is more to the story behind China’s negative stance against crypto mining...

The lower number of miners on the Bitcoin network has caused severe disruptions as the rate of newly-produced coins have dropped to just 58 new ones created in a day, says on-chain data. Furthermore, miners’ revenue has plummeted in the last month, while all eyes are on the upcoming difficulty adjustment. The Disruptions on the BTC Network CryptoPotato reported yesterday that the Bitcoin hash rate – the metric displaying the amount of computational work miners put on the...

The effects of the Chinese crackdown on Bitcoin mining continue to harm the network as the hash rate has dumped to its yearly low of below 90 Ehash/sec. This comes just days before the next difficulty adjustment, which is expected to be one of the largest in BTC’s history. Bitcoin Hash Rate Drops to Yearly Lows The world’s most populated nation decided to intensify its hostile actions against the cryptocurrency industry in May this year when it went after Bitcoin mining....

During a recent interview with Bloomberg, the prominent BTC bull spoke about the adverse short-term effects of China’s recent crackdown on Bitcoin mining. While he acknowledged the hash rate and price declines, Saylor believes this ‘mistake’ from the Asian country will provide an excellent opportunity for others. As CryptoPotato reported previously, the world’s most populated nation intensified its crackdown on the cryptocurrency space this year. More specifically, the Asian...

Unfortunately, it was another challenging week in the cryptocurrency market, though this can only be said about the developments in terms of price. Elsewhere – adoption seems to be booming, especially when it comes to Bitcoin. Starting off with the price – bitcoin is currently trading at around $33,000, down about 13% in the past seven days. The cryptocurrency started off relatively flat, but on Monday, things took a turn for the worse, as BTC dropped from $36K down to $32K....

Jim Cramer of CNBC and “Mad Money” fame said in a recent interview that he has sold most of his BTC. Jim Cramer Has Parted Ways with Most of His BTC In a statement, Cramer mentioned the following: Sold almost all of my bitcoin. I do not need it. Cramer cited China’s position on bitcoin as the main reason as to why he sold his crypto stash. He says that the country is working hard to kill the entire bitcoin system, not just the mining space. He says that bitcoin is a...

The consequences of the nationwide Chinese crackdown on Bitcoin mining are more than evident in a few short weeks. The hashrate has dropped dramatically by nearly 50% from its peak, the number of daily issued coins has declined, and the Puell Multiple has reached a multi-month low. The Effects of the Chinese Crackdown Although Bitcoin has been banned in China for years, the Asian Superpower doubled down on its stance just recently. It went further this time by ordering...

A few weeks after China started its nationwide crackdown on Bitcoin mining, new reports have confirmed the speculations that at least some miners will look to transition to the US. The most recent one indicated that three tons of mining machines will move from Guangzhou to Maryland. BTC Miners: From China to the US The world’s most populated nation strengthen its grip on Bitcoin mining in May this year after reiterating its ban on operating with BTC and other digital assets....