26 Bitcoin mining companies in Sichuan Province – the largest cryptocurrency mining bases were asked to shut down as of <\/span>Sunday, Jun20th, 2021<\/strong>. The Sichuan provincial energy bureau was required to suspend all cryptocurrency mining projects <\/span>\u201cwithout any tolerance\u201d<\/strong>. So, after weeks of passing the cryptocurrency mining crackdown, China has finally leveled up its control over its restriction to tighten activities regarding cryptocurrency.\u00a0<\/span><\/p>\n

Along with Sichuan, Chinese authorities have put similar Bitcoin mining bans into effect in Inner Mongolia, Xinjiang, and Qinghai Province. According to Cambridge Bitcoin Power Consumption Index, China mining pools account for more than<\/span> 50%<\/strong> of the global Bitcoin hash rate. As such, the crackdown has caused Bitcoin’s hash rate to drop by more than 30% over the past months to 90.17 million TH\/s, the lowest level in 2021. This downward trend may keep going till the end of this month, meanwhile, Bitcoin price kept dropping to $30,000 and wiped out all of its gain for the year.\u00a0<\/span><\/p>\n

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It has been a month since the May 19th correction, after falling from $43,750 to $30,000, Bitcoin has not been able to regain its momentum yet. Compared to the peak of <\/span>$64,000<\/strong> on April 14th, the price of BTC is down by nearly <\/span>50%<\/strong>.<\/span><\/p>\n