The rate of Bitcoin mining has drastically gone down in the last three-months as China crackdown policy on Bitcoin mining activities seemingly persist. Within the past twenty-four hours, the number of one trillion hashes per second of Bitcoin came to 127.65M against 180.66M that it soared to as of 14th of the previous month.
The recent crackdown as regards Bitcoin mining across China seems to be the reason behind the noticeable decrease in the hashrate. The Asian country has taken measures to stop the mining of Bitcoin by halting the operations of big mining farms. The new policy also proscrbes finance based establishments from engaging in crypto transactions.Several mining pools have gone down in their hashrate output. F2pool, ViaBTC and Antpool were amongst the the mining pools affected with the latter going 37% lower in their hashrate.
The mining proscription has adversely affected miners in China. However, the country is making progress with its Central Bank Digital Currency (CBDC). The country intends to attain the global spotlight as it relates to their development in digital ledger technology specifically blockchain by 2025.
The Chinese government has massively publicized the digital yuan process all over the country through their digital currency lottery. Citizens who live in the country’s capital can participate by using a bank app to garner 200,000 red envelopes with each envelope containing 200 yuan. More than 3,000 Automated Teller Machines were deployed and scattered all over Beijing to support deposit and withdrawals of digital yuan with two major banks engaging in digital yuan related services.
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