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Saturday, January 6, 2018

Chinese government moves towards eliminating Bitcoin miners completely...

China is home to the largest Bitcoin mining operations in the world.  Electricity, the most expensive part of mining is incredibly cheap there, and the hardware needed to do it is manufactured there as well - so it costs less to buy those "made in China" electronics when you're already there.

People’s Bank of China announced plans this week to begin to "enforce local regulators to monitor and even restrict the power use of miners".

While there's been rumors of such actions before - this time it seems like the real deal.

Bitmain is one of these massive mining operations in China - and they have publicly confirmed a plan to "shift operations" to Singapore as a result of these new regulations.

The good news - China said they will allow miners some time to slowly close down their operations, so it won't seem like someone suddenly pulled the plug.  This means the average Bitcoin user probably won't be effected or even notice it happening.

Miners say they're looking at Iceland, Canada and the USA as top potential spots to relocate as the supply of cheaper renewable energy grows in these nations.

This is the latest in what's been an odd year of Chinese regulation - banning ICO's and some exchanges preceded this latest move.
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Author: Mark Pippen
London News Desk