- Chinese Bitcoin mining groups are starting to block Mainland Chinese miners.
- So far, Bitdeer and Mars Cloud Mine have notified used of the imminent lockout.
- The move is in compliance with current government regulations.
Two prominent Chinese Bitcoin mining groups have blocked Mainland Chinese IP addresses from accessing their websites. The move is the latest development in the escalating battle between China and Bitcoin miners.
The two groups Bitdeer and Mars Cloud Mine disclosed that the reason behind the move was to comply with prevailing policies.
Bitdeer founder Jihan Wu posted a notice on the group’s website. The notice served to alert users with Mainland IP addresses that they will soon no longer be able to access the website. Similarly, Mars Cloud Mine also alerted Mainland Chinese IP users of an imminent lockout.
China has been accelerating its clampdown on cryptocurrencies in the country, specifically Bitcoin. Initially, the Chinese Financial Committee banned local financial institutions from participating in crypto businesses and activities. After that, the country indicated a desire to restrict or even ban Bitcoin mining. Notably, China currently accounts for at least 50% of Bitcoin’s hashrate.
Mable Jiang, a Multicoin partner, predicts that the clampdown will lead to a paradigm shift. According to Jiang, the shift will see Bitcoin mining moving from being a retail whale industry into an institutional whale one.
However, the crypto mining ban is in line with the country’s 2060 carbon neutrality goals and not just a product of fear, uncertainty, and doubt (FUD). Also, to this end, the Chinese government has been pressuring its coal-powered regions to reduce their carbon emission levels.
In addition, Bitcoin’s environmental impact has increasingly become a cause of concern. Of note, several former allies like Tesla and Greenpeace parted ways with the crypto as a result. In response, Elon Musk, Michael Saylor, and several North American Bitcoin miners came together to form the Bitcoin Mining Council.
Saylor noted that the council aims to “manage concerns (about Bitcoin energy use) especially from uninformed parties.”