BTC miners resume cryptocurrency accumulation. Bitcoin price has dropped after a new ban on mining.
For the first time in a long time, BTC miners have begun to resume the accumulation of cryptocurrency and and it affected on the bitcoin price. This is reported by the analytical service Glassnode.
Miners stopped storing their savings and began to sell them at the beginning of this month, when a ban on mining the main cryptocurrency was introduced in the main mining territories of China.
Now the situation is the opposite – we are seeing an increase in the accumulation of BTC miners. Also, according to the information service Glassnode, the hashrate of bitcoin has begun to recover, which more than halved last month. The reason for this was that in July 70% of miners from China turned off their equipment, as they were forced to change their place of activity or completely abandon mining.
Bitmain – the main manufacturer of Bitcoin mining hardware – has also been forced to pause production!
Bitmain is interested in selling their products, so they provide new types of services, namely:
– assistance in the deployment of new mining farms, which will reduce the time frame from 3 weeks to 3 days;
– assists in the construction of data centers;
– helps to register the activity;
– helps in recruiting and trains personnel.
Bitcoin price fell again after the new mining ban.
China will tighten measures in the country for the operation of mining farms. Now Anhui province is closing all mining companies, as there are huge problems in the power supply. According to the Global Times, China has shut down more than 95% of mining corporations. After the publication of news about the province of Anhui, the bitcoin rate fell below $ 32 thousand.
The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of virtual currency mining. At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it. pic.twitter.com/kgDY1msDQ5
— Wu Blockchain (@WuBlockchain) July 14, 2021
This morning, July 14, BTC was trading below $ 31 500. At the time of publication of the article, the coin is trading at $32 900.
The State Grid Corporation of China has announced a ban on mining in the country, according to Hong Kong journalist Willie Wu-Lap Lam. Due to the current situation, we advise you to try trading bitcoin instead of mining. Follow all the news from the crypto industry with us. We publish only high-quality and interesting material. We wish you good luck and calm work! Try to trade bitcoin with a ZenBot right now!
