We all are well aware that China has announced crackdown on all cryptocurrency projects running in the country and the authorities want the projects to be closed as soon as possible and because of this crackdown imposed nationwide, the heads of some of the world’s biggest cryptocurrency exchanges witnessed that Bitcoin miners are leaving China and shifting their operations of Crypto mining to some other place.
Miners Are Leaving China And Shifting Their Mining Projects To Other Locations
As cryptocurrency mining has been declared illegal in the country ‘china’, and those who will be engaged in such activities will have to be ready for the consequences. So, now miners are taking their mining projects to other locations.
Changpeng “CZ” Zhao, the CEO of Binance Holdings Ltd., the world’s biggest crypto exchange by reported turnover, said in an interview with Quatar Economic Forum on Tuesday, “We’re seeing a lot of those miners moving out of China to other places.” He further added, “Some of them are sending their mining equipment to overseas. There’s big shipments.”
China’s move on crackdown of cryptomining projects has brought uncertainty into crypto market. Since last week, this market was witnessing downfall, even Dogecoin was trading at zero dollars. And this came after China announced that it is imposing crackdown on all the institutions dealing with cryptomining. Situation even worsened when this crackdown even spread to Sichuan.
Yesterday, there was some relief for the investors as all the major cryptocurrencies were in green. But as we know that this market is highly volatile, so today again bitcoin is trading lower at $33,921.83 down by 0.25%. Bitcoin’s rival cryptocurrency, Ethereum is trading at $1,964.66 down by 1.25%. Some of the major cryptocurrencies are in red again and some are in green.
Top Cryptocurrencies And Their Value On June, 24, 2021 (Thursday)
Value (Thursday, 24 June 2021)
|Dogecoin||$0.238081||up by 1.02%|
|XRP||$0.649378||up by 2.14%|
|USD Coin||$1||up by 0.07%|