Market

Suppression of cryptocurrencies, China still owns the second largest bitcoin in the world

Suppression of cryptocurrencies, China still owns the second largest bitcoin in the world

China holds more than 194,000 bitcoins. The above cryptocurrencies was seized by the country’s government from the multi-stage PlusToken project.

According to information from Kevin Rooke, the Chinese government holds more than 194,000 BTC, which is almost the same 10.8 Million dollars at the current market price. These assets account for 0.9% of the total circulating bitcoin supply.

The amount of Bitcoin the Chinese government holds is currently number 2 on the Kevin Rooke website’s Who Holds All The Bitcoin rankings. The number of bitcoins this country currently has ranks second after Grayscale, a company that manages cryptocurrencies mutual funds.

 

China ranks second on Who Holds All The Bitcoin chart.

 

The number of bitcoins that the Chinese government owns is mainly property that has been confiscated from criminals and illegal activities. For example, in November 2020, Chinese authorities confiscated 4.2 Billion USD Cryptocurrency from PlusToken’s multi-stage project, including 194,775 BTC, 833,083 ETH and many other coins.

On September 24th, the Chinese government stepped up its crackdown on cryptocurrencies. According to the latest statement, the country is determined to eradicate illegal transactions and cryptocurrency mining activities across the country.

According to CoinTelegraph, the main motive for banning Bitcoin transactions was to promote the Central Bank of China (CBDC) digital currency, Renminbi (eCNY).

After the government crackdown, the cryptocurrency mining industry in China was almost paralyzed. Many Bitcoin mining farms in China have to sell their “plows” and cease operations. The remainder are transporting excavators to other countries to continue mining. Most farms are “migrating” to the US and are waiting for Bitcoin mining to gradually stabilize.

A khang

ZING

.

Annie

Championing positive change through finance, I've dedicated over eight years to sustainability and environmental journalism. My passion lies in uncovering companies that make a real difference in the world and guiding investors towards them. My expertise lies in navigating the world of sustainable investing, analyzing ESG (Environmental, Social, and Governance) criteria, and exploring the exciting field of impact investing. "Invest in a better future," I often say. That's the driving force behind my work at Coincu – to empower readers with knowledge and insights to make investment decisions that create a positive impact.

Recent Posts

10 Best Cryptocurrencies to Buy in November 2024 Before Major Bull Run Swings into Action

Cryptocurrency has come a long way since its early days. With the rise of Bitcoin…

1 hour ago

BIT Mining (NYSE: BTCM) Invests in Prosper’s Native Tokens to Support New Focus on Bitcoin Mining

Cayman Islands, Cayman Islands, 14th November 2024, Chainwire

1 hour ago

Bitcoin Spot ETF Inflows Hit $510M, Marking Six-Day Streak

Bitcoin Spot ETF Inflows have reached $510 million as of November 13, marking six consecutive…

7 hours ago

Solana DEX Trading Volume Hits $5B Daily for Three Straight Days

Solana DEX trading volume reached historic highs, exceeding $5 billion daily for three days. Raydium…

9 hours ago

Phantom iOS Users Lost Recovery Phrase After Updating to New Version

Phantom iOS users are warned that a recent app update caused some users to log…

9 hours ago

Japanese Crypto Exchange Coincheck Gets Approval to Launch in the US

Japanese crypto exchange Coincheck is set to become the first Japanese crypto exchange to list…

10 hours ago

This website uses cookies.