Mmm china bitcoin miner

China banned bitcoin, ICOs and now it appears to be clamping down on Chinese miners, an important group estimated to produce some three-quarters of the world’s supply of bitcoin. Details of the memo were posted on Twitter by Chinese blockchain industry executive Elly Zhang and confirmed by Quartz. To remove miners, the group asked its local offices to look into policies around price, mmm china bitcoin miner, land usage and environmental concerns. Its local representatives must report back on their progress of removing miners in their region on a monthly basis, according to Quartz.

The situation is complicated by the fact that many miners, and particularly those in China, make use of cheap power, or flock to locations where there’s excess capacity. In some cases, mining businesses partner with local governments to ensure a steady supply of electricity at discounted rates, with a portion of the profits returned to the local authorities. But there’s no smoke without fire. It certainly seems like central government has a plan to stamp out the miners. Perhaps wary of additional regulation, China’s bitcoin mining giants have already branched out to open new facilities in countries like Iceland, Canada and the U. Nonetheless, a serious move to crush the mining industry has the potential to impact bitcoin.

Disclosure: The author owns a small amount of cryptocurrency. Enough to gain an understanding, not enough to change a life. Receive all Bitcoinist news in Telegram! There are growing concerns in the People’s Republic about the effect Bitcoin mining has on power consumption. So much so that the government has outlined proposals this week to restrict mining operations.

The move has spurred a digital exodus as mining conglomerates seek friendlier lands. China’s crackdown on cryptocurrencies has widened to miners, according to a Bloomberg report. Officials plan to limit the power consumption to the industry and have asked local governments to guide miners out of the business. Company co-founder Wu Jihan said that they already have mining operations in the US and Canada. Bitmain is not the only mining operation to leave Chinese shores. Top founder Jiang Zhuoer said that they chose Canada because of the relatively cheap cost and the stability of the country and its policies.

Locations in Russia and Iran were also considered. It also has the advantage of cheap labor and local chip manufacturing. Digiconomist’s Bitcoin Energy Consumption Index that the current estimated annual electricity consumption is 37. It was also estimated that 3. Bitcoin currently uses more energy per year than several countries, including Bulgaria and Denmark. At the time of writing, the market remains unaffected by China’s latest anti-crypto sentiments. Will moving miners affect the price of Bitcoin?

Add your thoughts in the comments below. Images courtesy of Pixabay and Bitcoinist archives. Is the Catholic Church the Next Stop on the Blockchain Train? Required to Share Information’ Four major bitcoin exchanges have been ordered to turn over comprehensive trading information to U.

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