South America and Central Asia became popular destination for miners relocation.
PBOC’s Opinion on Crypto
People’s Bank Of China, said on 2021/07/08 that the regulation on Crypto is mainly considering the “private” owned crypto could be a competitor of China’s CBDC(Central Bank Digital Currency). Which is unfavorable. In this case, goverment may considering impose stronger regulation on . And PBOC clearly understand heavily related with Money Laundering and Illegal Money Transaction.
It is said some mining farm in Yunnan has reopened after the regulation wave gone. But nobody knows how long this could work.
Crypto Trading Crackdown in China
Currently Chinese government is asking Banks and Financial institutions stop providing service to account relevant with Crypto Trading. Which will lead to difficulty in converting Crypto to Fiat in China. However, Holding crypto personally is not illegal.
Miner Ban in China has been implemented
On 6/19, the ban of mining has been implemented in multiple province in China. Including Sichuan,Xinjiang,Yunnan (Where most miners are located) Expecting used miner price to drop if bitcoin price continue go down.