Chinese Hydroelectric Crackdown Could Herald the Demise of Cheap Bitcoin Mining

Chinese bitcoin miners are the latest tranche of the country’s cryptocurrency community to be hit by restrictions. This time it’s not the government but a subsidiary of the State Grid Corporation that has issued the decree, in a move which calls into question the country’s ability to sustain bitcoin mining operations. At present, both the bitcoin and bitcoin cash networks are heavily dependant upon the efforts of Chinese miners, who hold over 80% of the hashrate distribution.