Chinese miners are ready to resort to radical measures to keep their business afloat. The policy of the Chinese authorities concerning cryptocurrencies and mining, in particular, forces local miners to leave their country. Notably, they will hardly be able to return to it again. The fact is that Beijing has decided to take under strict control huge amounts of energy that is needed for the production of bitcoins and other digital currencies. In addition, the popularity of the cryptocurrency risks shaking the financial stability of the country. However, local regulators have difficulties tracking transactions. The only option that the People's Bank of China has left is bans. One of the latest bans ordered organizations, including the largest banks and the Alipay payment system, not to participate in transactions with cryptocurrencies.
At the moment, cryptocurrencies are not prohibited in the country, whereas mining has already been banned. The authorities of the Xinjiang Uygur Autonomous Region and some other provinces have demanded a complete ban on cryptocurrency mining in the region.
Most Chinese people have already stopped mining. According to statistics, after the prohibition, the global computing power of the bitcoin network has fallen by about 60% since the beginning of the last month. Local miners see an escape to Kazakhstan or even to Russia as one of the solutions to the problem.
