- Electricity usage for bitcoin mining drops
- China recorded a 29% decrease in bitcoin mining
- China has begun a crackdown on bitcoin miners
Electricity usage for bitcoin mining in China has recorded a decline between September 2019 and April 2021. According to data obtained from the Cambridge Centre for Alternative Finance, Chinese bitcoin mining suffered a huge setback with the Chinese government’s recent crackdown on mining facilities.
Chinese crypto miners’ began the annual migration from the western region of Xinjiang with higher usage of coal-powered plants to southern regions of the country to take advantage of hydroelectric power during the rainy season. Perianne Boring, Founder and President of the Chamber of Digital Commerce, a blockchain and cryptocurrency advocacy group, has said, “It’s important to know that bitcoin miners are highly incentivised to develop and use the most economical and efficient energy.”
The Chinese government began a crackdown on bitcoin miners, leading to a drastic fall in its hash rate.