Economy

China wants an "orderly exit" from bitcoin mining

China wants an

Some recent reports have indicated China would not close Bitcoin mining operations but only wanted to curtail power usage and mitigate speculation and movement of money, but as with most policy shifts in China, nothing is totally clear until the government actually takes action.

Time and again we have come across statement "bitcoin is a bubble" from who's who of the finance and banking world, but rarely have we heard a newspaper claiming this. The move has spurred a digital exodus as mining conglomerates seek friendlier lands.

Chinese authorities have said they won't "ban" bitcoin miners, but will remove their preferential treatment in local provinces.

Bitmain, which runs China's two largest Bitcoin mining collectives, is relocating its headquarters to Singapore, according to the report.

According to a write up in QZ, Bitmain is operating 25,000 machines mining 24 hours a day in a nondescript building in the boondocks of China.

More news: Facebook's Oculus to partner with Xiaomi to build VR headsets

Other Chinese companies moving from china are BTC.Top which is the third biggest mining pool which is already opening a facility in Canada while 4th ranked ViaBTC already has operations in America and Iceland.

BTC.Top founder Jiang Zhuoer said that they chose Canada because of the relatively cheap cost and the stability of the country and its policies. He also considered locations in Iran and Russian Federation. It also has the advantage of cheap labor and local chip manufacturing.

It was also estimated that 3.5 million households in the U.S. could be powered by Bitcoin mining, which equates to an annualized estimated global mining cost of $1.89 billion. The piece's author, Wei Liang, even hints at possible insider trading, suggesting bitcoiners with a large amount of bitcoin manipulated investors to fuel speculation and further drive the cryptocurrency's price up. Bitcoin now uses more energy per year than several countries, including Bulgaria and Denmark. These machines are supposedly the worlds most power efficient Bitcoin miners - an important characteristic for minting Bitcoin's because the power utilization is enormous.

Images courtesy of Pixabay and Bitcoinist archives.


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