The post Bitcoin Mining Was Never Banned In China appeared on BitcoinEthereumNews.com.

An extraordinary reveal: Mining was never banned in China. Yes, you read that right. In fact, not only was it not banned, but Chinese miners are leading the world in innovative uses of Bitcoin mining. But what of this Reuters report and others that says it was banned? Let’s have a closer look. Yes, network hashrate dropped from 179.2 EH/s to 87.7 EH/s (a 51.1% drop) seemingly confirming that China banned mining. After all, China was according to Cambridge 46% of global hashrate the month prior to the “ban” (April 2021). So the figures roughly tally up with the thesis that “mining has been banned in China.” But there’s a big gap in this logic. If you are a disruptive student, and the principal sends you away from school, those “days absent from school” don’t mean you’ve been expelled. It could mean you’ve merely been suspended. Turns out that’s exactly what happened in China. Here’s how we know. Click HERE to download a PDF of “Bitcoin Mining Was Never Banned In China” — report #3 of the “FUD Fighters” series powered by HIVE Digital Technologies Ltd 1. Investigative reporting Let’s start with the mainstream news reports. First, NBC reported in May 2021 that at least some miners were “unfazed” by the latest “ban”. The New York Times then reported a “ban” in China in September 2021, citing this policy disclosure from the Chinese Government (more on that later), even though that same month, publicly available data from Cambridge showed that mining activity had already bounced back to 22.3% of global hashrate. Cambridge data showed that by Dec 2021 China was still at 19.1% of global hashrate. It wasn’t until May 2022 that CNBC ran a full report on the significant Bitcoin mining hashrate still operating within China, even though this data…

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Filed under: News - @ August 5, 2024 8:18 pm