Mongolia’s crypto mine closures slow
The number of Bitcoin mine closures in Mongolia has dropped considerably since last September
Either there are few mines left or the force of China’s policies are not having the desired effect
Despite China outlawing Bitcoin mining, it still has the second-highest hashrate in the world
The number of Bitcoin closures in Mongolia, a land rich in coal and therefore ideal for cheap energy, has slowed drastically since last September.
A report by the Science & Technology Daily said while 45 farms had closed up in total, only 4 had shut up shop since September. This could be simply because the majority of the farms are gone, or because the policies imposed by China on Bitcoin mining are not having the desired effect.
In March China ramped up its restrictions on Bitcoin mining, forcing may farms to set up overseas. Nevertheless statistics show that the country still has the second-largest hashrate (level of Bitcoin production) in the world, at 21% of total production.