China plans to ban mining based works and retail trading on 23 May 2021.
Now here many people are thinking that it would be better to buy china based coins.
And what will happen with bitcoin mining big farms who are supporting the Bitcoin network with very high support of hash powers.
Chinese Miners Next Move Before Ban In China
According to reports, Only 50% of miners are from China because of cheap electricity.
After the incoming ban news by Chinese government, several Bitcoin miners firms decided to close their mining firms and are planning to shift their mining work in North America.
By morning of Monday on 24 May, Three big mining pools announced that they will cease their activities in China.
BTC.TOP announced that they will halt their shop of hash power from the mainland of China and they will shift it to North America.
Related: Is Crypto Mining Worth in 2021?
Expectations From Chinese Owners Coins
Filecoin, Nexo and TRX etc are the most popular Cryptocurrencies of chinese owners .
In the present time all the cryptocurrencies are not dependent on the mining process by the number of people.
Technology of the POS and POH consensus mechanism is really better and that makes it possible to do the process of mining in online cloud data centers.
And also in our team option, All the coins can be operated at Exchange easily and they don’t need high level mining system support.
So if it will be necessary then the owners of these coins will shift such China based coins in those countries where cryptocurrency use is fully legal.
Here we can consider an example of Binance.
In 2017, Binance shifted their exchange Service from Tokyo(Japan) to Malta ( a place where every cryptocurrency genuine Service is allowed to run).
Summary:
Don’t get into any type of panic. Just hold your assets and do all types of cryptocurrency related activities according to your own strategy.
Don’t think about these coins in this way of banning and stopping their service.
Related: Common trading mistakes to avoid for profitable trade.
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