- Prices for graph cards (GPUs) have fallen in China.
- GPUs are a popular crypto mining component.
- China has banned crypto mining in several provinces causing BTC hash rate to fall.
Prices for Nvidia (NASDAQ:NVDA) and Asus GPUs in China have fallen significantly in the wake of the recent crypto mining bans.
In recent weeks the Asian nation has clamped down on crypto mining activities. Several top mining provinces have even banned crypto mining. Some of the provinces include Inner Mongolia, Xinjiang, Yunnan, and Qinghai.
In addition, some crypto mining companies blocked crypto miners with mainland Chinese IP addresses. The companies reported that they made the move to comply with new Chinese government regulations.
With the top mining destinations no longer open for business, bitcoin’s hash rate has fallen. Reports claim that China accounts for about 65% of bitcoin’s hash rate. As such, the recent mining bans have led the top crypto’s hash rate to fall by about 30%....
This article was first published on coinquora.com