This September marks the one-year anniversary of China declaring that crypto transactions were effectively illegal. At the time, the decision triggered sharp declines in crypto markets, even though it wasn’t entirely unexpected. China has been seeking to crack down on crypto in one form or another since at least 2013, so this wasn’t the first time that the country had taken such a stance. However, the most recent decision still had a significant impact on the crypto world.
The 2021 declaration prompted some significant changes, including a major impact on Bitcoin miners. Many miners left China and set up operations in the US, in states like Texas. This had a significant impact on the Bitcoin mining industry.
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