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China's Romantic Relationship with Bitcoin Could Not Get Any Better

by Lewis Park

 

All research was acquired by Wolfie Zhao’s segment in TheBlock

 

We all know that Bitcoin will be around for a long time. At least, for those of us who truly believe in the technology that powers Bitcoin, we know that Bitcoin is fundamentally bullish and has been the first innovative piece of finance since the creation of the first documented ledger system in the form of double-entry bookkeeping created by the Jewish community in Roman civilization. Bitcoin’s characteristics of being censorship resistance, deflationary, limited in supply, decentralized, etc., are all factors that would enable it to be the native internet token that the world desperately needs to help even the playing field for the little guys. In fact, Bitcoin has always championed equality, and it is a no brainer for people to support its success throughout the known world. 

 

Then there’s China.

 

Recently, China has cracked down on Bitcoin mining, an...

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China’s Crypto Mining Rigs No More

China’s central bank views decentralized currency as a threat to the state’s economy and views it as an incentive to use it for illegal purposes. To combat the increasing popularity of cryptocurrency, China has done two things. Various Chinese provinces, including the two top crypto mining provinces, have shut down the power allotted to crypto mining businesses, resulting in the suspension of activity and relocation of these businesses. In addition, China has started to develop its own E-currency based on its standard currency, the yuan, to ensure the e-currency used in the state still has a centralized backing. Furthermore, the government has forced multiple large state-owned banks to “block payment services for any client accounts thought to be involved in cryptocurrency transactions. They were also told to cease offering other services such as account opening, registration and trading for any cryptocurrency-related activities.”

The relocation of crypto...

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Mass Decline in Bitcoin and Ethereum Miner Revenue in June

bitcoin china ethereum mining Jul 02, 2021

Bitcoin and Ethereum miner revenue declined massively in June. Bitcoin has seen the largest decrease in total mining revenue in its history as June ends. A reduction in total transactions and fees are the main contributing factors to the total value dropping 42% from May 2021 to June 2021.

Total daily transactions saw a significant drop in the month of June. Levels haven’t been this low since August 2018. June saw roughly 100,000 fewer daily transactions in comparison to the all-time high of 300,000 daily transactions occurring just a month before in May. Both total users and fee rates saw a large reduction rate, with total users dropping 62% and the share of bitcoin mining revenue from transaction fees fell to 5% in June from about 9% in May.

Bitcoin’s hash rate has seen a 50% decrease since its peak in May. China’s recent crackdown on cryptocurrencies has been the largest contributing factor with a reported 90% of Bitcoin’s mining capacity being shut down...

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