Ban Cryptomining, GPU Prices in China Drop Drastically
Recently, the Chinese government has made a decision to ban all activities related to cryptocurrencies. China prohibits its citizens from cryptomining until transactions use the cryptocurrency.
This decision certainly has a big impact on the future of cryptocurrency itself. In the last few months, the prices of Bitcon and others have continued to drop dramatically, even nearly breaking 50% of their peak prices.
China bans cryptocurrency
The reason for this decline itself is of course a ban from the Chinese government on cryptocurrency activities. According to the news, the Chinese government has now closed various Bitcoin mining sites in the country.
With this closure, it certainly has a big impact on the future of crypto money itself. Moreover, China is one of the countries whose citizens do make cryptocurrency as a business.
Now a number of these crypto miners will suffer heavy losses due to this ban. On the other hand, this ban also has a big impact on GPU prices in the country. We all know that GPU is one of the important components for mining Bitcoin.
Because of this, GPU prices in China are currently dropping drastically. According to reports, GPU prices in China have dropped by 45%. This 45% decrease happened to NVIDIA’s RTX 360.
As for the RTX 3070, it decreased by 24% and was followed by the 3080 at 5%. Experts in China also predict that the price of mining equipment may fall in the near future if the ban continues.
Apart from that, what about Indonesia? There is no certainty about this. However, the price of Bitcoin itself has broken through in the 400 million range at the time of this writing.
What is your opinion about this? Give your feedback.
sources: scmp
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