China shutting down bitcoin miners

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There was a time when coal-burning electricity in Inner Mongolia was subsidized by the regional government. In the United Nations general assembly, President Xi Jinping pledged that China would halt the rise in its carbon emissions by , and achieve carbon neutrality in The plan is revised every five years, and the latest version is for to See related article: Non-crypto firms in China jump into bitcoin mining to lift fortunes. In terms of helping China meet its goals of reducing carbon emissions, Inner Mongolia has not had a good track record. Many industry watchers believe the determination of Inner Mongolia to close down its mining industry was not only to please but may also reflect pressures from authorities higher than the provincial government.

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With the end of April deadline now ticking, what could the mining farms in Inner Mongolia do? But hydropower is also energy that gets wasted if not used — especially during the rainy season. One disadvantage of hydropower is the volatility of electricity prices, which can fluctuate depending on changes in weather.

U.S. vs China: The Battle for Bitcoin Mining Supremacy - WSJ

Though hydroelectricity is abundant and cheap during the rainy season, prices can go up if there is power scarcity during dry spells. Sometimes, the rainfall that produces hydropower can be too much.

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Every year, some years worse than others, some mining farms in the Sichuan province get damaged or even wiped out after torrential rains that lead to flooding. Yet another option that Chinese bitcoin miners are pursuing is moving their mining operations out of China altogether, according to National Business Daily , a Chinese financial and economic daily newspaper.

Inner Mongolia to Shut Down Crypto Mining Industry: Report

Chinese bitcoin miners chasing lower electricity costs and looser regulations have already moved some operations to Russia, Belarus, Kazakhstan, Iran, Malaysia, Myanmar and even Iceland, according to a Forkast. News check of the websites of several major Chinese mining pools that list mining farms locations.

The perception that there is an influx of Chinese bitcoin mining migrants now working overseas recently rocked Iran, which has suffered from power shortages, a surge in smog and blackouts earlier this year. As a result, the Iranian government halted its supply of electricity to all cryptocurrency mining farms for two weeks, to cool down the outrage. Kelly Le is an Assistant Producer at Forkast.

Iranian-Chinese bitcoin farm shut amid power outages

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Inner Mongolia to Shut Down Crypto Mining Industry: Report

However, this time the shutdown may be permanent. By Samuel Shen , Alun John. The scramble is pricing out smaller miners and accelerating an industry consolidation that could see deep-pocketed players, many outside China, profit from the bitcoin bull run. Bitcoin miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify bitcoin transactions in a process which produces newly minted bitcoins. Taiwan Semiconductor Manufacturing Co and Samsung Electronics Co, the main producers of specially designed chips used in mining rigs, would also prioritise supplies to sectors such as consumer electronics, whose chip demand is seen as more stable, Ao said.

The global chip shortage is disrupting production across a global array of products, including automobiles, laptops and mobile phones.

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