Because of the inexpensive power and labor, bitcoin miners had flocked to China.
China hosts the world’s biggest community of bitcoin miners. Chinese mining pools control more than 70% of the Bitcoin network’s collective hashrate. But after the government officailly banned intial sales of new virtual currencies, that might be changing.
Exchanges were also told to stop trading cryptocurrencies. And proposals were drafted to discourage bitcoin mining.
Is China anti-cryptocurrency?
Hardly. The Peopls’s Bank of China has trialed its own prototype cryptocurraency. The potential of blockchain can not be denied, and it can be applied to almost any type of transaction.