Review: Three Years After China's Mining Ban, Miners Seek Survival Abroad

In September 2021, China全面禁止虚拟货币挖矿, marking the end of an era. At that time, China accounted for over 60% of the global Bitcoin hash rate, making it the world's largest mining center. Under the mining ban, many mining farms were forced to shut down, and miners embarked on an unprecedented 'overseas migration.'

Kazakhstan, the United States, and Canada became the preferred destinations. Chinese miners in Kazakhstan propelled the Bitcoin hash rate to the second highest in the world, while areas like Texas in the United States attracted a large number of mining machines due to friendly policies. Some miners achieved survival through legal registration and transitioning to green energy mining, but many others had to frequently relocate to cope with fluctuating electricity prices and policy changes.

However, going overseas is not a permanent solution. Global regulation is becoming increasingly stringent, Kazakhstan has begun to impose taxes and electricity limits, and places like Angola have even implemented mining bans. Cultural differences, legal risks, and operational costs have also become new challenges, leading many small and medium-sized miners to ultimately exit the competition.

Returning to today, miners have already realized that merely relying on mining is becoming unsustainable. In the future, compliance with regulations, green energy, and business diversification will become key survival strategies. China's mining ban has not only reshaped the global mining landscape but also forced the entire industry to transition towards a more professional, compliant, and sustainable direction.

Three years have passed, and the story continues.