Banned Bitcoin Miners Found Exploding China’s State Resources
Banned bitcoin miners were found using China’s state resources to carry on with their operations. This happens in the midst of a severe power shortage and the country’s fierce attempt to shut down all BTC mining. The recent coal crisis in China raised their interest to speed up the shutdown of all Bitcoin mining operations. […]
Related News
Countries vie for cryptocurrency miner business as Chinese miners move to greener pastures. Here's where they are ending up. A few months ago, the crypto industry was shaken up by the news of the mass exodus of miners from China. At the end of May 2021, it became known that the Chinese authorities were going to ban Bitcoin (BTC) mining, bringing the already existing regulatory pressure on miners to a breaking point.The list of banned operations includes purchasing cryptocurrencies, as well as any related investment activities, crypto trading and exchange. The People’s Bank of China had....
No amount of FUD can keep Bitcoin down, and China has once again given bulls a boost with its bans. It’s been 150 days since China banned Bitcoin (BTC) mining — and BTC price action has only benefited as a result.Five months ago, China caused a considerable but not unsurprising stir by doubling down on its hostile environment policy toward cryptocurrency.Bitcoiners to China: Thanks for the banJust like every “ban” before it, China’s move against miners saw temporary price turbulence, matching the biggest physical upheaval in Bitcoin’s history.As miners powered down and relocated out of....
Miners dislocated by China’s crackdown are looking to Texas for cheap electricity, but the state’s grid is already on the brink of disaster amid a sweltering summer. The recent crackdown on crypto mining in China has seen concerns expressed over the potential impact a hashrate migration could have on Texas’ unreliable electricity market, as an increasing number of dislocated miners eye the Lone Star State.Texas’ abundant sources of renewable energy and highly deregulated power grid make the state an obvious choice for migrating miners from China and elsewhere, with 20% of Texan electricity....
The police chief of Tehran said authorities had raided 50 locations across the Iranian capital in the last 48 hours, discovering 3,000 illegally operating crypto miners. Iranian provincial police are continuing their crackdown on crypto miners big and small, with news surfacing that they have confiscated more than 7,000 rigs at a farm operating in the capital of Tehran.According to a Tuesday report from the country’s state-run media, the Islamic Republic News Agency (IRNA), police seized crypto miners that were operating out of an abandoned factory. Experts on the country’s electrical grid....
While the state is eager to become the global hub for Bitcoin mining operations, residents are concerned that the power grid will not be able to handle the load. As the state of Texas faces a rapid influx of Bitcoin mining operations, its electrical infrastructure will have to support the industry’s expected 5,000 megawatts (MW) of additional power demands by 2023.The Bitcoin mining industry in Texas currently consumes around 500 to 1,000 MW of power. The Electric Reliability Council of Texas (ERCOT) anticipates that demand could increase as much as fivefold by 2023 and has planned an....