Cryptocurrency Q&A
Is underground crypto mining Alive & Well in China?
Is underground crypto mining Alive & Well in China?
EnchantedPulse
Wed Jul 10 2024
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6 answers
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Has the clandestine activity of crypto mining persisted in China, defying the strict regulatory measures imposed by the government? With the Chinese authorities' stringent stance against cryptocurrency trading and mining, one wonders if the underground world of crypto mining is still thriving, operating under the radar. Are there secret mining farms tucked away in remote corners, harnessing the country's abundant renewable energy resources? Or have the crackdowns effectively squelched this illicit activity, forcing miners to seek greener pastures abroad? The question remains: is underground crypto mining alive and well in China, or has it gone into hibernation?
6 answers
ShintoMystical
Fri Jul 12 2024
Despite the decreasing market share, there are indications that underground crypto mining is still thriving in China.
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Raffaele
Fri Jul 12 2024
Data from Qihoo 360, a Chinese cybersecurity company, reveals the presence of underground crypto mining activities in the country.
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BusanBeautyBlooming
Fri Jul 12 2024
The current share of China's cryptocurrency market is significantly lower than its peak, ranging from approximately 65% to 75% of the global market.
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Tommaso
Fri Jul 12 2024
These activities suggest that despite regulatory pressures and crackdowns, crypto mining remains a popular and profitable business in China.
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CryptoPioneer
Fri Jul 12 2024
However, this figure is still substantially higher than an official estimate from Cambridge University, which suggests that China's current share stands at 0%.
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