Everything You Need to Know About the Global Crypto Crackdown

Did you know that cryptocurrency is banned in China, along with 8 other countries worldwide? Bangladesh. Iraq. Egypt. Algeria. Morocco. Nepal. Tunisia. Qatar. All of these countries have cracked down on cryptocurrency and the harmful impact of Bitcoin mining on the environment. And that’s not taking into account the partial bans in 50 other nations worldwide.

China made waves in the headlines at the end of 2021 when it made the controversial move to ban crypto – which is ironic to many, seeing as the country is the second largest Bitcoin mining hub in the world.

Back in September of 2019, China constituted 75% of global Bitcoin energy usage – a number which plummeted to a dismal 46% after the Chinese crackdown on crypto. But what’s behind the Chinese crypto ban? According to the country’s central bank, the decision to outlaw digital tokens and Bitcoin mining in China was to curb illegal financial activities while protecting the safety and integrity of people’s assets.

But a huge driver behind the ban was rooted in environmental concerns, seeing as Bitcoin is one of the most notorious contributors to greenhouse gas emissions worldwide. In fact, 2022 research shows that Bitcoin mining accounts for at least 0.1% of greenhouse gas emissions worldwide.

As one of the largest cryptocurrency markets on the planet, China’s decision shook the crypto world to its core – and the implications were almost immediate. In the wake of the controversial announcement, Bitcoin’s price fell by over USD$2,000.

But as is human nature, anything that’s banned usually simply goes underground.

Today, Bitcoin miners are tiptoeing on eggshells to work around the Chinese crypto ban, and, according to inside sources, Chinese Bitcoin mining activity continues to boom – even though cryptocurrency is banned in the country still.

BTC miners clearly aren’t giving up, but many of those who want to stay on the right side of the law are fleeing to China’s neighbours, from Kazakhstan all the way to the U.S. and the UK.

Many Bitcoin miners who are looking to save money are pre-registering to join PEGA Pool, the world’s first eco-friendly mining pool headquartered on British soil. PEGA Pool uses a portion of its members’ fees to plant trees in an effort to offset the impact of Bitcoin mining on the environment, and who knows? This shift towards a more sustainable crypto industry could just be the catalyst that changes China’s decision and legalizes Bitcoin mining in China once more.

 However, PEGA Pool needs as many users on board as possible – to make as big an impact as possible – if we ever want to see China (among other nations) unban Bitcoin mining and reclaim the throne as one of the largest Bitcoin mining hubs worldwide.

PEGA Pool will officially be launched to the public in Q1 2023, but until then, approved BETA testers will qualify for a 100% reduction in pool fees. Once PEGA Pool goes mainstream, a 50% lifetime pool fee reduction will be activated for BTC miners.