Back in 2008 when Bitcoin entered the market as the first of cryptocurrencies, only a few people really understood it. Just a few were willing to throw their money into developing the Bitcoin Network and its decentralized database. This first blockchain-based crypto network became the world’s first true decentralized database. In time, the pioneer cryptocurrency won the hearts of many, including a huge section of the Chinese public.
By 2017, the crypto market was booming. It’s this craze that brought about the rise of Bitmain as one of the largest China-based crypto miners in the world. However, at the start of 2017 when Bitcoin was preparing for a mega bull run, rumors started about an imminent crypto crackdown by the Chinese government. To say that the Chinese public was excited about Bitcoin would be an understatement. People were almost crazy about the cryptocurrency, but this romance wasn’t to last.