China's Bitcoin Mining Industry Impacted the Most This Year, Says Report

摘要： The researchers and analysts from Tokeninsight published it’s “2020 Q2 Cryptocurrency Mining Industry Report” which shows the industry has grown exponentially during the last six months. The findings indicate cryptocurrency mining has expanded a great deal but China’s bitcoin mines “suffered a great impact” in H1.

Tokeninsight published its “2020 Q2 Cryptocurrency Mining Industry Report” and the study shows a lot has happened in the bitcoin mining industry during the first half of 2020.

The new research paper discusses a number of topics that affected the bitcoin mining industry this year and the countries that are welcoming these operations. For instance, Tokeninsight highlights that the Uzbekistan government established a “national mining pool” in January.

Distribution of Bitcoin mining rig model manufacturers. (Source: Tokeninsight, and F2pool).

After that announcement, Quebec’s Hydropower Agency of Canada allowed bitcoin miners to obtain 300MW of electricity.

In February the Ukraine government said bitcoin mining “does not require government supervision and intervention.” The following month, Missoula County, Montana, created new regulations for bitcoin miners.

In May, The Acting Minister of Energy of Ukraine told the public bitcoin miners might be able to draw nuclear energy. In April, the local government officials in Sichuan approved the “Hydropower Consumption Demonstration Enterprises.”

News.Bitcoin.com recently reported on the second-batch of consumption enterprises approved in Sichuan. In June, the Parliament of Kyrgyzstan said it plans to “tax and supervise digital asset miners.”

Tokeninsight said that China has been the hardest hit in 2020 as the country has seen a significant impact from a variety of reasons.

The Tokeninsight researchers mentioned that Covid-19 caused mining rig shipment delays, the bitcoin halving cut revenue in half for Chinese miners, internal disputes from mining machine manufacturers like Canaan and Bitmain, and the report also mentions mining policy changes in Sichuan.

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