Cloud mining company Mclouds stops service on December 31, hashrate from China had already gone 0

Perhaps the news from China had made people too bored when continuously large mining pools announced their closure. Recently, Mclouds announced that China’s mining assets and services would be closed on December 31, as Wu Blockchain reported. Mclouds is one of the largest cloud mining companies in China.

The US overtakes China as biggest Bitcoin mining hub after Beijing ban

Currently, companies in China are legally prohibited from providing any service to businesses related to the cryptocurrency industry. The prohibition also applies to businesses functioning overseas. Companies that work overseas but provide services to Chinese individuals related to the cryptocurrency industry will also be held accountable following Chinese law.

Perhaps we need to wake up because China has been quite fierce in the fight with BTC. All because of their DC/EP.

Not long ago, according to a bulletin from the SEC, the prominent crypto mining firm BIT’s online mining pool subsidiary will leave China. BTC.com will cease its operations and interactions with the mainland Chinese market. Recently, other firms with similar crypto-mining-related operations also departed mainland China. Notably, the top Ethereum mining pool SparkPool, as AZCoin News reported, ceased mining operations in China on September 30 of this year. And today, it’s Mclouds’s turn.

BTC.com, Mclouds, and the others are just some of the many with this fate. However, on the receiving end, places like New York and Texas have seen an increase in crypto mining farms parallel to the Chinese crackdowns.

cloud-mining-company-mclouds-stops-service-on-december-31

Source: Cambridge Bitcoin Electricity Consumption Index

China’s share in the global hashrate fell from 44% to zero between May and July. Meanwhile, in 2019, the country accounted for three-quarters of the global hashrate. The US share in the worldwide hashrate increased from 17% in April to 35% in August, while Kazakhstan increased ten percentage points to 18% in the same period.

Looking at the chart below, you can see that the hashrate from China has wholly disappeared.

cloud-mining-company-mclouds-stops-service-on-december-31[3]

Source: CBECI

Even El Salvador has begun mining BTC through geothermal energy, as AZCoin News reported.

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