China cracks down on Bitcoin and mining, moving thousands of mining machines to the U.S. and Canada

In recent times, the digital currency market represented by Bitcoin has not been calm. Not only has the price fluctuated greatly, but the Chinese government's attitude towards Bitcoin and mining has also become increasingly tough, and miners are transferring a large number of mining machines to foreign countries.
The mining computing power in China accounts for 70% of the global computing power. Most miners have set up mines in Inner Mongolia, Sichuan and other regions with abundant and cheap electricity. However, these regions are now starting to clean up the mines. Inner Mongolia has begun to comprehensively clean up and shut down virtual currency "mining" projects, set up a reporting platform for virtual currency "mining" companies, and crack down on mining.
Taking into account future risks, some large mining farms have begun to relocate. According to news in the cryptocurrency circle, a mining company with thousands of mining machines is moving its mining equipment to Texas in the United States, Alberta in Canada and other regions. These two places are also sparsely populated and have abundant energy, making them ideal places for mining.
The Financial Committee meeting on May 21 pointed out that we must resolutely prevent and control financial risks... We must crack down on Bitcoin mining and trading activities and resolutely prevent individual risks from spreading to the social field.
Previously, the Internet Finance Association of China, the China Banking Association, and the Payment and Clearing Association of China jointly issued an announcement on preventing the risks of speculation in virtual currency transactions, setting the tone for the regulation of "virtual currency."
At the beginning of this month, China CITIC Bank announced that from now on, no organization or individual may use the bank's accounts for activities such as recharging and withdrawing trading funds for Bitcoin, Litecoin, etc., purchasing and selling related transaction recharge codes, and may not transfer related transaction funds through the bank's accounts.