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China Offers $25,000 to Anyone Who Reports BTC Miners

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The crackdown on cryptocurrency mining has been a hot topic in China since mid-2021. Since then, different approaches have been employed by government authorities to eliminate mining activities.

Among the reasons for the persecution, according to the government, are environmental issues. After all, cryptocurrencies are accused of having a highly polluting and energy inefficient validation process.

Furthermore, the government also claims that cryptocurrency activities are prohibited in China. So mining should be too, even though owning Bitcois has already been considered a legal activity by the highest Chinese judicial authority.

Repression

The government’s newest weapon against BTC miners is technology. During the Digital China Innovation Contest 2022, held annually since 2019, the country announced a competition with a $25,000 prize for whoever identifies miners.

The event presented attendees with an artificial intelligence-based solution that examines data from energy operators.

To receive the prize, participants must analyze this data and identify possible locations where there may be BTC miners. Then they must provide this data to the committee.

The most efficient teams or participants will receive a prize of US$ 25,000.

China fights BTC mining

In a recent report, the People’s Bank of China (PBoC) stated that the country’s global share of BTC trading has dropped to 10% as a result of this ban on an original 90% domain.

In addition to the PBoC, the National Development and Reform Commission (NDRC) has also added cryptocurrency mining to its list of industrial restrictions.

As China pushes cryptocurrency miners away, other parts of the world are taking the lead in the industry. This is especially true in regions where miners operate using clean energy.

New York and Texas, for example, have seen increases in cryptocurrency mining since the Chinese crackdown began. The mayor of Miami openly welcomes fleeing cryptocurrency miners from China to his city.

Price forecast for BTC 2022 – 2026

All content in this article is for informational purposes only and in no way serves as investment advice. Investing in cryptocurrencies, commodities and stocks is very risky and can lead to capital losses.

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