Hebei Banning Bitcoin and Cryptocurrency Activities
The Hebei cyberspace commission, an agency in one of China's expansive provinces, has banned Bitcoin and cryptocurrency mining activities, including trading, within its jurisdiction.
According to a Reuters report, these activities obstruct China's environmental conservancy efforts. Reports indicate that the commission has urged other organs, including stakeholders in education, public security, and others, to participate in the crypto crackdown. Officials representing the above government institutions would have to ensure that none of its system support is part of a crypto activity or operation by the end of the month.
The province joins many others, including Sichuan and Inner Mongolia, who banned cryptocurrency mining operators, causing the Bitcoin hash rate to plunge.
Even so, the banning of cryptocurrency mining has seen Bitcoin become more distributed and thus robust. Unlike before, most Bitcoin mining farms were located in China, taking advantage of low electricity rates and the location of chipset manufacturers like Bitmain.
Due to China's position on cryptocurrencies, there has been a drastic reduction in nodes. Most Bitcoin operations are from Germany, the wider E.U., and the United States.
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