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Bitcoin mining status in China now

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Hello, I have several friends running large bitcoin farming in China. Here are some information i got recently.

Large mining farms were closed, but mining machines were not confiscated and most were moved overseas.

Mining from small home graphics cards (mostly ETH) continues, but in some provinces the network will be cut off when the network company finds your mining.

Some people moved to Kazakhstan because of cheap electricity, but suffered heavy losses in the recent riot. Some people moved to Singapore because no crypto capital gain tax. People moving to the US are somehow afraid of IRS.

There were a huge amount of bitcoin and miners confiscated by a corrupt provincial official, the official was arrested causing the sharp drop in May. This is well known in the Chinese news.

There are rumors on youtube (a famous channel in Chinese which is anti Chinese government) that Binance gave the Chinese government the information of everyone in the world, but the news has not been confirmed..

There are still a large number of people in China investing on coins, possibly tens of millions. The most popular exchanges are OKEX, Binance and Gate.io.

submitted by /u/xinjiangnumberone
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