- Bitcoin gained tremendous momentum in the first 5 months of 2021.
- Bitcoin’s vitality has also positively impacted altcoins. Its total market capitalization exceeded $ 2 trillion.
- Although the process has developed positively, the decision of the Chinese government to ban Bitcoin mining has caused partial panic in the market.
- Because bitcoin mining was mainly concentrated in China.
China has begun to ban Bitcoin mining. As a result of this development, Chinese miners are leaving the market and selling their bitcoins. This process has put downward pressure on prices. However, the global balance is being restored in bitcoin mining. While China’s monopoly power is rapidly declining, Bitcoin mining and free crypto signals in North America are on the rise. In addition, huge bitcoin farms began to be created in other regions of the world – say analysts of SafeTrading.
As a result, bitcoin mining spreads and a more democratic bitcoin network appears. The concentration of bitcoin mining in one center like China has always been a risk factor. We, as the Koinmedya.com team, have shared with you, our dear readers, that we believe that China’s ban on bitcoin mining is positive in the long run.
Australian company Mawson Infrastructure Group has decided to acquire 17,352 bitcoin ASIC machines from mining equipment manufacturer Canaan. With ASIC equipment costing between $ 3,000 and $ 5,000, Australia is poised to become a strong player in the mining industry.
Australia’s entry into the mining industry has a twofold benefit: First, it reflects market dynamics. Second, it