We had a report earlier today that the Chinese mining industry is slowing down. The miners were not even in the mood to drink anymore.
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In the past few years, the Chinese Bitcoin mining industry has seen dramatic growth. The demand for Bitcoin mining hardware in China is so high that miners located in the country are now producing more of the world’s cryptocurrency than the next most successful mining region. Now, it turns out that the Bitcoin mining industry is suffering from a serious shortage of miners, as many have decided that they’re not in the mood to drink anymore.. Read more about what is mining bitcoin mean and let us know what you think.
China, which once accounted for about 65% of all bitcoin (BTC) mining capacity, has given the green light to several miners in the country.
The ban on bitcoin mining in the country has forced miners to cease operations, and some companies have already moved their equipment abroad.
On Wednesday, Kevin Zhang, vice president of mining consultancy for cryptocurrency Foundry, tweeted that sentiment among Chinese miners had further deteriorated:
The mood is obviously pretty bleak and the reality is that this is a GG for the mining industry in China. Some fellow miners stayed in Sichuan after the Bitmain conference to deepen their grief. Well… don’t even feel like drinking.
According to Zhang, China’s bitcoin ban has shut down about 70 percent of the country’s mining capacity, with about 90 percent offline by the end of June.
For some miners, the ban is not limited to work stoppages, as power plants in parts of Sichuan province have sued bitcoin miners with eviction orders. The miners involved would have no more than two weeks to dismantle all their operational infrastructure, including scaffolding and containers.
As previously reported by Cointelegraph, some major bitcoin miners have already started setting up shop in other countries. BTC.com, the fifth largest bitcoin mining pool in terms of hash rate distribution, is reportedly moving to Kazakhstan.
Related: Without power, world’s fifth largest mining pole leaves China for Kazakhstan
In early June, Miami Mayor Francis Suarez invited Chinese miners to offer cheap nuclear power and favorable regulations as incentives.
However, Mr Zhang argues that overseas migration is not necessarily easy for Chinese minors. With housing capacity outside China apparently overcrowded, minors from other countries may face higher costs.
Relocation to the United States could be another major problem for miners because of the 25% tariffs imposed by the United States on Chinese products.
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