Standing at $57,000! Can it rise further? The domestic Bitcoin "mining" market ushered in the most stringent regulation

The cryptocurrency market has been performing well since the beginning of this quarter. With a full bullish trend, the price of Bitcoin has also been very strong, at least in the short term.
Today, the price of Bitcoin rose again. As of now, Bitcoin has reached $57,000 per coin, the first time since May 12.
Earlier it reached the $56,000 level before falling back slightly, and with the current market momentum, Bitcoin could soon reach $60,000 in the coming days. Most market experts and analysts are optimistic that Bitcoin will reach $100,000 by the end of the year.
According to the latest monthly production report, U.S.-listed mining companies Riot, Marathon, Bitfarms, Hut8, Greenidge, Argo, and HIVE mined approximately 6,463 Bitcoins in the third quarter of this year. This figure accounts for 7.5% of the total BTC blocks available in the third quarter of 2021.
Additionally, the report shows that Bitcoin mining output from Riot, Marathon, Bitfarms, Hut8, Argo, and HIVE surged 82% in the last quarter compared to the second quarter of this year.
While hoarding Bitcoin can generate returns for companies in the long run, they must consider how to pay their bills in the short term. Mining companies must consider how to pay for electricity, order new equipment, expand facilities in North America, and other utility bills.
In fact, crypto mining companies in the United States are currently hoarding Bitcoin, believing that the price of the cryptocurrency will rise. This is because Bitcoin has broken through the $55,000 mark and may reach $60,000 in the coming days.
It is worth noting that, following Inner Mongolia, Qinghai and Sichuan, another province has comprehensively cleaned up and rectified mining activities. The virtual currency "mining" market has ushered in the most stringent supervision.
On October 8, the website of the Communications Administration of Jiangsu Province released work updates stating that it had recently conducted a comprehensive investigation into virtual currency "mining" activities in the province. Monitoring found that the export traffic of mining pools conducting virtual currency activities reached 136.77Mbps, and the total number of Internet IP addresses involved in "mining" was 4,502, consuming computing power resources exceeding 10PH/s and consuming 260,000 kWh of energy per day.
As supervision gradually increases, mining-related companies are trembling with fear.
According to media reports, virtual currency mining equipment manufacturer giant Bitmain plans to suspend sales of its mining machines to "miners" in mainland China and will move most of its production lines from Shenzhen to outside of China.
A person close to Bitmain said that many of the company’s employees are currently working from home. One of the reasons is that the supervision has become stricter and the market demand for mining machines has dropped sharply.
According to incomplete statistics, more than 20 companies involved in virtual currency have announced that they will stop providing related services to users in China and completely withdraw from the Chinese market.
In terms of mining companies, the Ethereum mining pool Spark Pool announced on September 24 that it would stop providing mining pool services to users in China, and on September 27 announced that it would complete the closure of all Spark Pool businesses at home and abroad on the premise of ensuring the safety of user assets. Bee Pool and Easy Miner announced the cessation of operations. NBMINER, a graphics card mining machine management software, also stated that it would no longer provide technical support services to users in China and disbanded its QQ group.
In terms of virtual currency trading platforms, virtual currency trading platform giant Huobi released the OTC trading clearance process for existing users in mainland China on October 2, including prohibiting mainland users from currency trading from December 15 and removing OTC CNY trading on December 31.