According to a report by CNBC, the hashrate, representing terahashes per second (TH/s), peaked at around 180 million TH/s on May 14, but fell to 86 million TH/s by July 4. However, as of last week, the number was back on average at 182.83 million TH/s. The ban had prompted miners to setup their equipment in other countries such as Russia and the US. Even Kazakhstan, which is located near China, faced the problem of power shortage due to the large amount of electricity required due to bitcoin mining. To deal with this problem, the country is also preparing to build a new nuclear power plant.
Speaking to CNBC, Kevin Zhang, Vice President of Business Development at the popular crypto mining firm Foundry, said that China [माइनिंग पर] Bitcoin has won the attack on the national level. According to Zhang, such a rapid recovery was made possible because the US made sure to lay the foundation for mining there so that prosperity could come there.
As China works to implement its pledge to build a low-carbon economy and reach top carbon emissions by 2030, it has stepped up efforts to crack down on crypto mining and trading from May this year.<!–
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