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China's share of global Bitcoin mining has fallen to effectively zero, research by the Cambridge Bitcoin Electricity Consumption Index (CBECI) suggests.
Axar.az reorts that in June China told banks to stop facilitating transactions, and issued bans on mining.
At its peak in Sept 2019 China accounted for over three quarters of all Bitcoin mining.
China's crackdown initially led to a 38% fall in mining globally CBECI said.
However this was partially offset by a 20% "bounceback" over July and August, "suggesting that some Chinese mining equipment has been successfully redeployed overseas", researchers said.
China has since declared all Bitcoin transactions illegal - though that occurred after the period covered by they Cambridge research.
2021.10.13 / 22:55