According to cryptocurrency analyst Point Pay, there is still hope for Chinese crypto miners who have closed down their operations because of China’s crypto crackdown.
Point Pay said there are massive opportunities for them in countries like the United States and Canada, which have friendly policies toward crypto mining.
Experts agree that China’s harsh actions on crypto operations can certainly have a big impact on the global crypto mining industry.
No to crypto mining
This year, the Chinese government has been really working hard to stop the rapid rise of crypto mining operations in the country. Provincial authorities have started banning all mining activities which left crypto miners with no choice but to shut down their operations.
Residents of Inner Mongolia, Xinjiang, Qinghai, Sichuan, and Yunnan, were the most affected by the government’s campaign against crypto mining.
Andrew Svyatov, chief executive of Point Pay, said that China’s massive efforts in stopping crypto mining activities in the country would certainly change the “mining map” of the world.
According to Svyatov, there are serious consequences for crypto mining stakeholders which include miners, investors, and equipment manufacturers.
China’s crypto force
Point Pay also said that since the Chinese government started its crackdown efforts, the global hash rate for Bitcoin has fallen by more than 50%. This shows China’s clout on Bitcoin and its every action has a deep impact on the crypto mining industry.
Svyatov said that Chinese crypto miners who want to continue their operations must find countries with cheap energy, low temperature, and above all, stable governments.
And while miners can certainly find countries like these, he admitted that miners would have to face big problems such as financial and logistical challenges.
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