A few weeks ago, China decided to take a step back in terms of crypto mining industrialization. Before that time, about 60% of the entire Bitcoin supply was minted in China. However, the regulatory authorities are ditching the DeFi altcoins in favor of a new CBDC digital Yuan. The most populated nation in the world seems to lead the world in terms of a new crypto revolution where others are only getting started.
The ban on crypto in China is based on many layers. In the beginning, the social media sites and search engines banned access to crypto exchanges and blocked the accounts of Chinese crypto influencers. Later on, the federal authorities issued orders for major crypto mining projects to seize operations. One by one more, the crypto mining ban has been moving from province to province. The latest causality on the list is Sichuan.
Crypto Miners are Reportedly Moving their Entire Business Operations from China to the USA
The government of China has issued cease and desist orders for crypto miners in most saturated areas. Mining rigs in Xinxiang, Sichuan, Inner Mongolia, Guangzhou, and others are waiting for their fate to be decided after the Chinese Intelligence is done with their investigation. According to federal authorities, a massive number of these mining operations were operated with stolen energy resources.
As reported by CNBC reporter Eunice Yoon, a shipment company has confirmed a contract for moving three tons of mining machines out of China. The massive amount of equipment would be sent to a US State Maryland from the Chinese province Guangzhou. Even though Bitcoin hastrates for China are still higher than in the USA, if more miners move out, the gap could be reduced further.
The Mayor of Miami is Offering Crypto Miners Trade Free Zones and other Facilities to Attract more Rigs
Francis Suarez, the mayor of Miami, is a publically proclaimed Bitcoin proponent. A few months ago, he shared his vision for allowing crypto investors to purchase real estate, pay taxes, and settle other payments with the help of digital assets. He sees a grand opportunity to offer a haven for crypto miners who are looking to move out of China.
Saurez has promised an enterprise zone for crypto miners that would act as a trade-free zone and offer huge advantages like relaxed taxation policies, specialized infrastructure, and friendly regulations. He further added that the city of Miami would provide the miners with nuclear energy with subsidies and low costs. Head of the crypto at Facebook claims that the mining ban in China is a great development for Bitcoin and its related services.