According to the WSJ, a multiagency government task force led by the PBOC last week ordered local authorities to "guide" a shutdown of cryptocurrency mining operations.
A study by Chainalysis says China accounts for nearly 80% of global Bitcoin mining.
While there are some signs local governments are moving to comply with the order, it's hard to imagine the globe quickly losing 80% of its global mining power. China, after all, has been cracking down on crypto for months. "I don’t think miners have been sitting on their hands," says BitMEX's Arthur Hayes. “Some people have already moved their hardware out of China.”
OTCQX:GBTC -3.25% today
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