Bitcoin: 20% of miners go underground

Chinese minors were taken off radars and censuses in June, when the Land of the Rising Sun extended a formal ban on all activity. The then leader China was donating its dominance over the Bitcoin operation to the United States, now responsible for 35.4% of global mining (as of September 2021 according to the Financial Times).

Off the radar or under the radar? In a new poll released by CNBC, what seemed highly likely turned out to be true: Many minors stayed behind and continue their activity. A go underground that could raise 20% of the world’s Bitcoin mining shares. Far from the 0% announced by the official data and censuses of the Financial Times and the University of Cambridge.

Bitcoin underground mining

Clandestine, the activity of Bitcoin miners in China is now said to be clandestine. The largest players in the country, with international activity and known to the authorities, participated in the migratory movement to the United States and Kazakhstan, but the smaller-scale miners remained. The main reason ? Relocating his activity was not possible in view of the sanitary restriction measures, and reselling his machine seemed complicated in view of the influx of new machines already available for sale.

In numbers, a report by Chinese cybersecurity company Qihoo 360 estimated that computers mine bitcoins at 109,000 IP addresses a day. “Most of these addresses, according to the report, are in Guangdong, Jiangsu, Zhejiang and Shandong provinces,” CNBC detailed. In order to remain inconspicuous, they divided their operations into several smaller entities and outside the cities.

“Some have divided their mining operations into several farms across the country that authorities were less likely to notice. Others have relied on small local energy sources, such as small dams in rural areas that are not connected to the main electricity grid, ”explained the CNBC survey.

On December 15, 2021, a first clue heard the scope of the activity and its resistance movements. An arrest warrant was issued against a former leader of the Chinese Communist Party, along with several other members, linked to illegal cryptocurrency mining activities. In October, Zhejiang Province announced its plans to combat illegal mining activity. “Our province recently launched a special joint rectification action to comprehensively combat the use of public resources that participate in mining and trading activities of virtual currency,” a statement read.

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