China which was once a major hub for Bitcoin mining with about 65% of the industry located in the country has gotten rid of many who are into the industry. Many of the affected miners are melancholic as Beijing authorities has made them go offline. Bitcoin mining proscription in China has led to the close down of many businesses with some already seeking refuge in other countries.
In a twitter post on Wednesday, the vice president of business development at Foundry said that there was widespread melancholy amongst the miners community. He reiterated that some of them have gone so emotionally down that they cannot even drink. In the words of Zhang, the mining proscription had led to the departure of about 70% of the affected firms and before June ends, 90% of such firms would have left China.
According to some miners, the ban has extended to even accessibility to other services. The energy company of the Sichuan region has given the miners letters of expulsion. Miners have only two weeks to pack up all their facilities. In Cointelegraph’s earlier report, some notable Bitcoin mining firms have started setting up places of operation in other countries. BTC.com rated amongst the biggest mining firms is said to be leaving for Kazakhstan.
In the beginning of this month, Miami through its mayor gave fleeing Chinese Miners the liberty to move to the city as their cost effective source of energy will be advantageous to them. According to Zhang however, setting up firms abroad will be difficult for the Chinese miners as it is a cost intensive project. A case study is the United States of America who has a fixed 25% tariff on all Chinese products.
Disclaimer: The topic posted herein is published by members of this site. Any information you find on this topic is base on the opinion and view of the person who created the topic. You are at liberty to accept or reject this topic and act base on your own perspective. You are encouraged to share your own opinion or views about the topic via the comments box below so as to further improve this topic.
Team Reviewparking is no third party and we can't handle any queries whatsoever.