Bitcoin mining News: Xianyu, China’s largest online second-hand market, has seen an increase in Bitcoin mining machine lists over the past few days, particularly from the two most productive Bitcoin mining centers, Inner Mongolia and Sichuan. The significant increase in sales of second-hand Bitcoin mining machines came after China’s harsh statements on cryptocurrencies and cryptocurrency mining.
Inner Mongolia had announced new regulations a few days ago when it planned to ban crypto mining in the region. The new regulations and sanctions announced include banning any mining operation, large or small, to meet carbon emission targets. The Inner Mongolia region first announced plans for strict measures against crypto mining in April this year after Beijing failed to meet its quarterly carbon emissions targets.
Inner Mongolia and Sichuan are one of the country’s leading Bitcoin mining centers. It also owns several Bitcoin mining farms because of the cheap energy resources it has to support and feed Bitcoin mining. The pressures created by China on cryptocurrency mining have the power to directly affect Bitcoin and the cryptocurrency market. China is considered the world’s crypto mining hub as it accounts for around 60% of the total hashrate inflows on the Bitcoin network. The main reason why the miner density in the country is so high is that clean energy sources are available at cheap prices. The fact that the region, which has an authoritarian administration like China, has such a high mining input, was met with concern by many. Many see the latest editions as a way to diversify mining intensity and make mining power input more decentralized.