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Reports show that over $400 billion left the cryptocurrency space over the weekend, in what has been one of the worst sell-offs in the crypto industry history.
Total market capitalization trades around a multi-month low of $1.47 trillion in the early Asian session on Monday. The market correction sent the industry’s cap down by about 43% since its peak at $2.55 trillion two weeks ago.
The lingering bearish sentiment stems from China and its announcement of a crackdown on Bitcoin mining pools. Reuters reported earlier today that crypto mining pools HashCow and BTC.TOP has halted all its operations in China, as Beijing doubled down on its embargo.
The crackdown on mining pools was announced last Friday by a State Council committee chaired by Vice Premier Liu He. HashCow announced that it would stop purchasing more Bitcoin mining rigs, while BTC.TOP announced that it was suspending all mining activities in the country altogether.
The chief investment officer at Beijing-based Novem Arcade Technologies, Chen Jiahe, commented on the matter saying:
“Crypto mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals.”
Huobi Mall also issued a statement earlier today, noting that it had, effective immediately, suspended its crypto mining services to mainland China clients.
China to Lose Cryptocurrency Mining Dominance
At press time, Chinese mining companies are responsible for about 60% of the total hash power. Analysts have asserted that a decline in reliance on China could be good for the long-term prospects of the crypto industry. Founder of BTC.TOP, Jiang Zhuoer, noted that eventually, China would lose crypto computing power to other countries.
Meanwhile, Alex Gladstein, the Chief Strategy Officer at the Human Rights Foundation, has asserted that North America could become the new mining hotspot. That said, most mining operations currently take place in Texas thanks to its pocket-friendly energy (renewable)
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