China’s Mining Dominance: Good Or Bad For Bitcoin?
In Kongyu, Tibet, hydropower electricity is inexpensive, as are wages. And Chinese entrepreneurs are among the world’s most capable and least risk averse. This combination makes Kongyu in China’s western Sichuan province an ideal place for a bitcoin mining operation, as revealed by a Washington Post report. Chinese mines comprise about 70 percent of the world’s bitcoin processing power. Chinese factories produce the cheapest microprocessors that run the mines. Chinese bitcoin exchanges represent a similar portion of global bitcoin trading. Is such dominance good or bad for bitcoin’s....
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A look at miners shifting hardware overseas, Amber raises $100m, and Bitmain temporarily shuts down sales among dropping hashrate sales. This weekly roundup of news from Mainland China, Taiwan, and Hong Kong attempts to curate the industry’s most important news, including influential projects, changes in the regulatory landscape, and enterprise blockchain integrations. So low you've got to reach up to touch the bottomThis week in China felt like one giant mining-farm sized pile of FUD. This is usually a pretty good indication that a bottom is close to being in, but one can never be too....
China’s province of Sichuan is known for its spicy food flavors. Now, though, it’s becoming known as something else: a bitcoin mining capital. It was in 2013 that China was first thought to have discovered bitcoin and since then the country has been making up for lost time in mining the digital currency. What, though, has that got to do with the province of Sichuan? Well, according to the China Money Network, since 2015, over 30 percent of China’s bitcoin mining machines have been purchased from the Sichuan province. Considering that around 70 percent of bitcoin’s global computational....
A newly published regional report shows that China’s hashrate has likely dropped to 55% while the U.S. has climbed to 11%. Another study predicts that it’s possible North America could overtake China in terms of hashrate by the end of 2021. Bitcoin Mining Farm Operator Says Mining Industry in North America Is Booming For years now China has been the most dominant region in terms of bitcoin miners worldwide and at one point 65% to 70% of the network hashrate stemmed from the country. In May 2021, the Bitcoin hashrate is significantly higher nearing 200 exahash per second (EH/s)....
What is the new “China Model”? And why would that country ban an industry that made them the ultimate leaders in the most important development in recent times? The world is still scratching its head. There has to be something else to this story. Is it only control that they want? Or does China have a secret plan nobody’s been able to figure out? We at NewsBTC have been studying the case, looking for clues, reporting on related news. After the ban, when Bitcoin’s hash rate collapsed, we posed Bitcoin Magazine’s Lucas Nuzzi’s theory that it all had to do with the Digital Yuan, China’s CBDC.....