The Crypto Hack

Due to the increasing crackdown by the Chinese government, many bitcoin miners have stopped their operations in the country in recent weeks. According to what was written by various media in the sector, most of them would be moving abroad, to places where electricity is cheap and the law is more favorable to them, such as Texas, in the United States, and the Kazakhstan.
The current dimensions of the phenomenon - which has taken the name of "great mining migration" - are not yet clear but according to the Global Times, an English-language tabloid owned by the Chinese Communist Party, 90 percent of the capacity industry in the country would already have been stopped. This figure could be exaggerated, but at the moment it seems likely that most of the Chinese operators wishing to continue their activities will have to relocate them abroad.
All this has already had important short-term effects on the Bitcoin platform, and could also have some in the long-term, it could have to make the cryptocurrency more stable and less effect on the legislation of a single state.
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