Chinese Crypto Enthusiasts Give CCP The Middle Finger With Clever Hacks
(AmericanProsperity.com) – The Chinese government’s attempt to crack down on and ban crypto mining in 2021 appears to be failing. New research published by the Cambridge Center for Alternative Finance (CCAF) suggests black market operators have stepped in to take over the formerly legitimate industry, restoring production to pre-ban levels.
Bitcoin production roars back in China despite Beijing's ban on crypto mining https://t.co/UwHPHZjXjA
— CNBC Middle East (@CNBCMiddleEast) May 19, 2022
Cambridge researchers initially set out to map mining operations across the globe in a bid to determine which countries, if any, stood at the forefront as major producers of digital currencies. America took the lead; nearly 40% of all mining takes place in the US.
But CCAF experts were also able to identify another surprising trend. China had once again emerged as a major global player despite the 2021 ban. In fact, over 21% of all mining operations tracked back to locations somewhere within the foreign country.
Kazakhstan took third place, at 13.22%, while Canada and Russia trailed off in the distance at 6.48% and 4.66%, respectively.
Chinese miners are obviously finding new ways to work around the crypto ban and reap the benefits. However, even CCAF’s experts admit there may be some room for error within the data. Clandestine miners can use VPNs, spoofed geolocation services, and aggregated mining pools to effectively mask their real location, making it appear as if they’re dialing in from somewhere else in the world.
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