Tuesday, June 29, 2021

China's crypto miner exodus - btbirkett@gmail.com - Gmail

China's crypto miner exodus - btbirkett@gmail.com - Gmail



 The global Bitcoin network’s total computing power has plunged roughly 60% since the start of last month, according to data tracker Mining Pool Stats.

Now, many of those China-based miners are looking overseas, from the U.S. to Russia and Kazakhstan. Miami Mayor Francis Suarez told CNBC that his city welcomes the Chinese miners and touted its nuclear energy. “We’re talking to a lot of companies and just telling them, ‘Hey, we want you to be here,’” the crypto-friendly politician said.

What’s driving China’s anti-crypto moves? For one, officials have grown wary of Bitcoin mining’s huge power consumption—more annually than all of the Netherlands—at a time when President Xi Jinping has set ambitious climate goals. Another less heralded reason is the challenge that crypto’s rise poses to Beijing’s cherished financial stability. Miners have to exchange their product for yuan to pay electricity bills, cover rent and buy new machines. That newly minted Bitcoin then leads to other transactions within Chinese borders that are difficult for regulators to track.

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