{"id":462699,"date":"2021-04-30T12:05:13","date_gmt":"2021-04-30T12:05:13","guid":{"rendered":"https:\/\/wncen.com\/?p=462699"},"modified":"2024-06-11T13:43:41","modified_gmt":"2024-06-11T13:43:41","slug":"china-started-mining-bitcoin-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/china-started-mining-bitcoin-btc\/","title":{"rendered":"Why The Chinese Government Started Mining Bitcoin (BTC)"},"content":{"rendered":"<p>Reporter Colin Wu shared news published by Chinese state media PengPai related to <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-dominance-altcoin-season\/\" target=\"_blank\" rel=\"noopener \">Bitcoin<\/a> mining activities by the national government. At the very least, China\u2019s view of cryptocurrencies is ambiguous, but according to the report they have been dabbing with BTC.<\/p>\n<p>The state media confirmed a rumor on the Beijing government\u2019s collection data center being used in <a href=\"https:\/\/wncen.com\/news\/binances-bitcoin-mining-pool-is-now-the-11th-largest-in-the-world\/\" target=\"_blank\" rel=\"noopener \">BTC mining activities<\/a>. The report stated that data centers in China\u2019s capital were asked to submit feedback to \u201csort out the situation\u201d.<\/p>\n<p>According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the <a href=\"https:\/\/wncen.com\/sponsored\/is-mining-city-a-ponzi-scheme\/\" target=\"_blank\" rel=\"noopener \">country\u2019s environmental requirements could lead to crypto mining being more \u201cstrictly regulated\u201d<\/a>. Jianing said this will be \u201cinevitable\u201d.<\/p>\n<p>Chinese authorities are allegedly \u201cpaying more attention\u201d to the sector. The state media claims Bitcoin mining and the equipment required \u201cconsume a lot of electricity to run\u201d.<\/p>\n<p>An investigation published in Nature Communications, conducted by the Chinese Academy of Sciences and Tsinghua University, claims that BTC mining activities in China will peak at 296.59 TWh. In consequence, the researchers expected 130.5 million metric tons of carbon emissions to be generated.<\/p>\n<p>Therefore, pressure in the country to pass a crypto mining regulation could increase. However, the same research claims that 75% of BTC hashrate is in China. This data has been contested by many external sources. Wu <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/56678401\/photo\/1\" target=\"_blank\" rel=\"noopener nofollow\">added<\/a>:<\/p>\n<blockquote><p>This caused some panic in China.\u00a0 However, the Chinese government said it was only conducting an investigation.\u00a0 Data centers are difficult to use for Bitcoin mining and are mainly used for ETH Filecoin.<\/p><\/blockquote>\n<h2><strong>Bitcoin\u2019s Network Recovers After Energy Outages in China<\/strong><\/h2>\n<p>Blackouts in the Chinese province of Xinjiang took a toll on Bitcoin\u2019s hashrate. Mining operations were halted due to security inspections by the local government.<\/p>\n<p>Although this crypto sector was affected, Wu said the measures were not targeting BTC mining but were part of an \u201coverall safety\u201d study of the electrical system in northwestern China. Data provided by OKLink and shared by the reporter shows Bitcoin\u2019s hashrate has recovered.<\/p>\n<figure id=\"attachment_462704\" aria-describedby=\"caption-attachment-462704\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-462704 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-22.jpg?resize=860%2C479\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"479\"><figcaption id=\"caption-attachment-462704\" class=\"wp-caption-text\">Source: Colin Wu<\/figcaption><\/figure>\n<p>On its way to levels seen before the outages, when the hashrate was at 172 TH\/s. Currently, it stands at 154 TH\/s. As a consequence, <a href=\"https:\/\/wncen.com\/news\/bitcoin\/decline-bitcoin-hashrate-miners\/\" target=\"_blank\" rel=\"noopener \">Bitcoin\u2019s network has experienced high levels of congestions with transaction fees<\/a> skyrocketing towards an average of 150 sat\/vB (around $11).<\/p>\n<p>BTC <a href=\"https:\/\/wncen.com\/news\/bitcoin\/bitcoins-time-is-done-says-investment-chief-citing-dated-technology\/\" target=\"_blank\" rel=\"noopener \">trades<\/a> at $53,247 with sideways movement in the 1-hour chart and small losses in higher timeframes. In the 30-day chart, BTC has a 7.5% loss.<\/p>\n<figure id=\"attachment_462707\" aria-describedby=\"caption-attachment-462707\" style=\"width: 860px\" class=\"wp-caption aligncenter\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" class=\"wp-image-462707 size-large\" src=\"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-14.png?resize=860%2C424\" alt=\"Bitcoin BTC BTCUSD\" width=\"860\" height=\"424\"><figcaption id=\"caption-attachment-462707\" class=\"wp-caption-text\">BTC moving sideways in the daily chart. Source:<a href=\"https:\/\/www.tradingview.com\/chart\/a4lKch7J\/\" target=\"_blank\" rel=\"noopener nofollow\"> BTCUSD Tradingview<\/a><\/figcaption><\/figure>\n","protected":false},"excerpt":{"rendered":"<p>Reporter Colin Wu shared news published by Chinese state media PengPai related to Bitcoin mining activities by the national government. At the very least, China\u2019s view of cryptocurrencies is ambiguous, but according to the report they have been dabbing with BTC. The state media confirmed a rumor on the Beijing government\u2019s collection data center being used in BTC mining activities. The report stated that data centers in China\u2019s capital were asked to submit feedback to \u201csort out the situation\u201d. According to the Beijing Economic and Information Bureau, there were concerns about the energy consumption related to these activities. PengPai quotes Yu Jianing, rotating Chairman of the Blockchain Special Committee of China, to claim that the country\u2019s environmental requirements could lead to crypto mining being more \u201cstrictly regulated\u201d. Jianing said this will be \u201cinevitable\u201d. Chinese authorities are allegedly \u201cpaying more attention\u201d to the sector. The state media claims Bitcoin mining and the equipment required \u201cconsume a lot of electricity to run\u201d. An investigation published in Nature Communications, conducted by the Chinese Academy of Sciences and Tsinghua University, claims that BTC mining activities in China will peak at 296.59 TWh. In consequence, the researchers expected 130.5 million metric tons of carbon emissions to be generated. Therefore, pressure in the country to pass a crypto mining regulation could increase. However, the same research claims that 75% of BTC hashrate is in China. This data has been contested by many external sources. Wu added: This caused some panic in China.\u00a0 However, the Chinese government said it was only conducting an investigation.\u00a0 Data centers are difficult to use for Bitcoin mining and are mainly used for ETH Filecoin. Bitcoin\u2019s Network Recovers After Energy Outages in China Blackouts in the Chinese province of Xinjiang took a toll on Bitcoin\u2019s hashrate. Mining operations were halted due to security inspections by the local government. Although this crypto sector was affected, Wu said the measures were not targeting BTC mining but were part of an \u201coverall safety\u201d study of the electrical system in northwestern China. Data provided by OKLink and shared by the reporter shows Bitcoin\u2019s hashrate has recovered. On its way to levels seen before the outages, when the hashrate was at 172 TH\/s. Currently, it stands at 154 TH\/s. As a consequence, Bitcoin\u2019s network has experienced high levels of congestions with transaction fees skyrocketing towards an average of 150 sat\/vB (around $11). BTC trades at $53,247 with sideways movement in the 1-hour chart and small losses in higher timeframes. In the 30-day chart, BTC has a 7.5% loss.<\/p>\n","protected":false},"author":535,"featured_media":462700,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[428,1119,1144],"class_list":["post-462699","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bitcoin","tag-btc","tag-btcusd"],"acf":[],"yoast_head":"\n<title>Why The Chinese Government Started Mining Bitcoin (BTC)<\/title>\n<meta name=\"description\" content=\"Reporter Colin Wu shared news published by Chinese state media PengPai related to Bitcoin mining activities by the national government. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. 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His journey began with translating articles for various crypto news outlets, a role he took on with zeal. In 2018, amidst a challenging market, he embraced his first writing assignment, demonstrating his unwavering commitment to the nascent industry and the promise of change it bears for many people worldwide. In March 2021, he joined the prestigious crypto news outlet NewsBTC and Bitcoinist, where he not only reported on the latest crypto news but also had the privilege of interviewing some of the industry's most influential figures. A year later, his dedication and hard work were recognized, and he was promoted to Managing Editor, a position he currently holds with pride. He believes in honesty, good communication, hard work, and the power of cryptocurrency and its potential to transform people's lives, especially those alienated by the legacy financial system. Born in 1992 in Venezuela, Reynaldo is familiar with how governments and central banks can negatively affect people, their everyday lives, and their futures by creating inflation and erasing their hopes for a better future. Thus, like many Venezuelans, he embraced this new technology to help him and his family navigate difficult times. In another life, Reynaldo would have pursued a career as an investigator, most likely tracking down the origins of the Cyberpunk movement with the publication of William Gibson\u2019s \u2018Neuromancer.\u2019 The intersection between fiction and reality, with the materialization of Bitcoin in 2009, would have allowed him to dive deep into the crypto sphere as something more than a financial phenomenon but also a cultural shift in society that was brewing since the XX century, and maybe even sooner, in the XIX century with the publication of Henry David Thoreau\u2019s \u2018Civil Disobedience.\u2019 But that\u2019s for another life. In this one, Reynaldo has been trading to improve his trading skills. Since 2023, he has been trying to learn Python to create successful strategies and find ways to execute them. It is a difficult task, which continues to keep him busy today and will most likely continue to keep him busy in the near and long term. In his free time, he enjoys lifting heavy objects, reading, watching movies, and listening to his favorite music. Some of his favorite authors are Walt Whitman, William Faulkner, Allen Ginsberg, James Baldwin, Raymond Carver, Ray Bradbury, George Orwell, Mario Vargas Llosa, Reinaldo Arenas, Rafael Cadenas, and many others. Lately, he has been primarily interested in reading about dystopic societies, a topic that deeply resonates with the crypto industry. Since 2023, he has lived in Spain with his wife. He loves the weather, the food, and the people and their culture. They both expect to travel much more within the country they now call home and beyond its border. He hopes to retire with his wife, maybe in a quiet place near a beach, but most likely in a city close to a library and a university with his kids and, hopefully, grandkids.","sameAs":["https:\/\/www.linkedin.com\/in\/reynaldo-mrquez-2ab111190\/","https:\/\/x.com\/rl_m"],"url":"https:\/\/wncen.com\/author\/reynaldomarquez\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Why The Chinese Government Started Mining Bitcoin (BTC)","url":"http:\/\/wncen.com\/news\/china-started-mining-bitcoin-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/china-started-mining-bitcoin-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-21.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-21.jpg?fit=698%2C687"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Reynaldo Marquez"}],"creator":["Reynaldo Marquez"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd"],"dateCreated":"2021-04-30T12:05:13Z","datePublished":"2021-04-30T12:05:13Z","dateModified":"2024-06-11T13:43:41Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Why The Chinese Government Started Mining Bitcoin (BTC)\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/china-started-mining-bitcoin-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/china-started-mining-bitcoin-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-21.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/04\\\/Bitcoin-BTC-BTCUSD-21.jpg?fit=698%2C687\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Reynaldo Marquez\"}],\"creator\":[\"Reynaldo Marquez\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\"],\"dateCreated\":\"2021-04-30T12:05:13Z\",\"datePublished\":\"2021-04-30T12:05:13Z\",\"dateModified\":\"2024-06-11T13:43:41Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/04\/Bitcoin-BTC-BTCUSD-21.jpg?fit=698%2C687","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462699"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/535"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=462699"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/462699\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/462700"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=462699"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=462699"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=462699"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}