Bitcoin, Cryptocurrency

China still a player in bitcoin mining & trading

We are in constant contact with China’s bitcoin mining and cryptocurrency trading and it is very important to note that China is still very active. The government has come out and banned all bitcoin mining and trading of cryptocurrency due to high number of business scams such as fake ICOs or exaggerated business teams. However, the government is the top supporter of blockchain technology and numerous state owned entities have partnered with technology firms with a focus of blockchain.

Even with the recent bitcoin mining ban, many individuals still are operating underground with small mining farms. The Chinese police recently shut down a group of miners in Tianjin who were stealing power for over 600 units. The large players in the industry have mostly relocated to other countries but there is still a lot of activity in 2nd and 3rd tier Chinese cities. It is only a matter of time before most get shutdown, but these individuals are ready to gamble. The people of China have a history of working around government bans, such as the great firewall, and I expect bitcoin mining/trading will one day be remembered as another regulation where it is very common for individuals to bypass the laws.

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