What has changed in mining after pressure from Chinese government?🚨

6 months ago, about 70% of miners around the world lived and worked in China. However, due to pressure from the Chinese government, the geography of cryptocurrency mining has changed significantly, which entailed serious consequences.

Many Chinese miners have migrated to other countries to continue mining cryptocurrencies.  The most attractive countries for them became the United States and Kazakhstan, where 16.8% and 8.6% of world mining are concentrated now.

The other change is the use of renewable energy, since the main reason for the mining prohibition in the PRC was the excessive electricity consumption by miners.

Now mining companies around the world are looking for renewable energy sources. This type of energy is not only cheaper, but also environmentally friendly — everyone is in advantageous conditions.

The ban on the cryptocurrency mining in China has also become one of the reasons for the market decline and, as a result, the complexity of the blocks. The price of bitcoin has almost halved compared to the all-time high in $65,000. It has become more profitable to mine cryptocurrencies.

And although the market is gradually recovering from the fall in May, it has not been possible to return to its former indicators yet.