Cody, who lives in Florida, began his writing career focusing on the “bread and butter” subjects of stocks, EFTs, and bonds – topics he continues to cover to great aplomb here at TradersBest.com. However, in recent years, Cody has become particularly interested in crypto, so he now heads up our coverage of this fascinating world alongside his more conventional duties for the site.
Earlier this year, Chinese authorities banned crypto mining operations and ordered some of the largest banks to avoid business with crypto companies. However, several reports showed that many people continued to mine bitcoin & similar cryptos in fear of losing business. The million-dollar question is ‘ How are they doing it?’. The Government recently discovered that illegal mining is now operated by miners who have disguised themselves as data researchers and storage facility businesses.
Bitcoin bounces back after China’s ban on crypto mining
The ongoing crypto mining services were of concern for Chinese authorities, especially since they’ve made a line of efforts to combat crypto mining or reduce the trade of cryptocurrencies. The efforts made by China earlier this year had a significant impact on Bitcoins value. Although, in recent analytics, it can be seen that Bitcoin has recovered or bounced back from the crackdown.
While many miners flew the country and shifted to crypto-friendly places, others chose to continue the operations despite the governmental restrictions. However, it wasn’t long before Chinese authorities became aware of the miners who were disguised or working with decentralised storage technologies and less famous crypto tokens.
Though many analysts suggested that Bitcoin may not recover fully until China accepts crypto mining and crypto dealings without restrictions, this wasn’t the case. As this is being reported, Bitcoin is valued at 47’905 USD, and the 24-hour trade volume of the cryptocurrency is 30,873,252,524 USD.
Despite the dips in Bitcoin’s value, the cryptocurrency has always bounced back. In fact, some analysts are now suggesting that the market-leading cryptocurrency will continue to rise and hit its all-time high of 63’729.5 USD.
China intensifies its efforts to combat crypto mining in the country
As the Chinese authorities have become aware of illegal crypto mining operations, they’ve started hunting down miners around the country with a lot more intensity. The government is targeting illegal mining taking place in colleges, data centres, and even research institutions. Having been one of the most dominant crypto mining countries, the following investigations have made it evident that crypto mining will see a further downfall in China in the following months.
The government of China believes that the spread and growth of crypto mining is a threat to the economic and social development of the country as well as national security. To make the hunting down process more effective, the government has started to monitor computer activities. The government also announced that whichever system shows signs of mining will be detected, and the miner will be punished. It was further added that the internet lines would be cut off as well. The government in inner Mongolia took the efforts to another level by hiring a contractor who shall research how to detect or root out crypto mining activities.
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