According to Glassnode, since July 5, there has been an increase in the accumulation of cryptocurrency among miners.
After Crypto-Auditor‘s report on BTC May decisive week, Bitcoin miners have resumed the accumulation of cryptocurrency for the first time since June. This is indicated by the data of the analytical service Glassnode.
As you can see in the graph, miners stopped storing mined bitcoins and started selling them at the beginning of June, when a mining ban was introduced in four Chinese provinces. On the contrary, since July 5, there has been an increase in the accumulation of bitcoins by miners.
Also, according to Glassnode, the hashrate of the main cryptocurrency, which has more than halved in June, has also started to recover. This happened due to the fact that more than 70% of miners in China were forced to turn off equipment to move to other countries. The largest manufacturer of mining equipment, Bitmain, also suspended its activity.
Bitmain also offered Chinese miners a new service that can reduce the time it takes to deploy a mining farm abroad from three weeks to four days. The manufacturer is ready to help miners with the construction of data centers, registration of activities and hiring personnel.
In May, the PRC authorities called for stricter regulation of mining and crypto trading. After that, bans on the mining of digital assets were introduced in four Chinese provinces:
On June 21, the People’s Bank of China held a meeting with the country’s five largest banks and the Alipay payment system and warned financial institutions against cryptocurrency transactions.