Chinese Bitcoin Mining Closing!!
90% of Bitcoin mining farms in China have been shut down. It appears that the Chinese government is trying to beat Bitcoin as a potential competing currency before creating a digital yuan.
As a result, the Bitcoin network hashrate continues to decrease. The decreasing hash rate means fewer people participating in Bitcoin mining, which may have been due to a decrease in Chinese mining sites.
Investors' opinions seem to be divided due to a series of bad news and price drops of Bitcoin recently. MicroStrategy, one of the institutions with the largest number of bitcoins, bought an additional 550 billion won of bitcoin. However, Jim Kramer, a CNBC economic broadcaster, recently sold all bitcoins for reasons such as ransomware and China’s tightened crackdown on bitcoin. .
However, following El Salvador, other Latin American countries and African countries including Tanzania are working to promote Bitcoin as a fiat currency.
In fact, national purchases are huge compared to the size of institutions, so it is likely that they will fight to secure the amount of bitcoin sooner or later. Perhaps the decline in mining fields in China has opened up a good opportunity for these developing countries to mine at low difficulty.
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