Bitcoin Miners are Hoarding Bitcoin, What This Means to Cryptocurrencies


Nevertheless, following Bitcoin’s severe correction in late February, Glassnode reported that Bitcoin miners are holding their digital tokens instead of taking profit. This in return will leave exchanges with no digital coins coming in from miners. Consequently, traders and institutional investors will have nothing to buy; leading Bitcoin to thrive again.

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China’s Largest Crypto Miners Shut Down Operations

China’s Inner Mongolia region is planning to ban new digital currencies mining. Inner Mongolia will be  restricting any crypto mining activity to lower energy consumption in the region.

According to Reuters, the autonomous region of northern China saw a 9.5% energy intensity increase, while the energy consumption rose by 65.62 million tonnes. The leading cause behind the energy consumption increase is Bitcoin mining as it consumes an estimated 128.84 terawatt-hour; more than Ukraine and Argentine consumption.

China is currently the largest Bitcoin mining ground in the world with 65% of all Bitcoin mining globally. Meanwhile, Inner Mongolia makes 8% of the total Bitcoin mining in the country. On the other hand, the United States stands with 7.2% of the total Bitcoin mining globally. Inner Mongolia is planning to shut down all active crypto mining projects by April 2021.