It took just over three months for Bitcoin miners[1] to disappear from China. New data from researchers at the University of Cambridge revealed the swift impact of Beijing’s crackdown on cryptocurrency mining.
Cambridge Centre for Alternative Finance (CCAF) found that by the end of August 2021[2], the percentage of Bitcoin mining taking place in China had ‘effectively dropped to zero.’
The aforementioned graph highlights the same. Clearly, the massive yellow dominance got erased around August.
What next
Following the exit of miners from China, the country’s policies have have also compelled crypto exchanges, business and other crypto related activity to curb or exit.
MEXC[4], the largest altcoin exchange in the Chinese region, announced[5] that it has signed multiple agreements with some international investment funds. Although, it didn’t quite report the details. The team took to Twitter to highlight this news.
Reportedly, the original management team will withdraw from China, and all Chinese users will be cleared by the end of December. Concerning the departure, the team stated[6]:
“The adjustments of corporate governance structure is in progress under the guidance of the newly established united board of directors. The new diversified leadership team will be adopted, and the former team will gradually exit after retiring Mainland China user accounts.”
Meanwhile, the team also launched[7] MX Token 2.0 program. Furthermore, it aims to “take a further step in blockchain ecosystem development and talents acquisition.”
Furthermore, in October this year, the exchange gained recognition as ‘Best Crypto Exchange in Asia’ at the Crypto Expo Dubai. An MEXC exec recently pointed out[8], the global expansion plans of the exchange, stating, “In terms of global market expansion, we have received licenses from five countries,
