Bitcoin mining costs hurricane

China is a big bitcoin mining country. Recently the authorities put pressure on the mine to shut down. The cost of bitcoin pool operators soared to 8 times. Seeing mining is much under pressure in China, Canada waved to operators, is expected to squeeze China to become the new capital of bitcoin mining.

ZeroHedge, Business Insider, Reuters reported that bitcoin mining is a way for miners to solve math problems on their computers and earn bitcoin as compensation. At present, the world’s five major mining pools dominate the 75% Bitcoin mining market, many of these pools in China, controlled by several companies. It is reported that Chinese authorities recently asked the mining industry to withdraw in an orderly manner.

The pressure on government regulation to surge has led to the soaring costs of mines and the survival of those who squeeze their assets. ViaBTC, the fourth-largest bitcoin pool operator, said minefields were tight due to policy reasons, some of the co-located bitcoin mines were shut down and ViaBTC cloud maintenance costs soared. Under the company’s last resort, the company decided to increase its management fee, a 50% increase from 6% on the 12th. ViaBTC and other companies to rent cloud mining equipment to other miners.

Frequently, China’s mining has been suppressed. The industry, looking overseas to seek vitality, is expected sooner or later China will hand over the throne of mining leader, replaced by other countries to take over. With one of the world’s largest hydropower facilities, Quebec, Canada, which has excess electricity each year and a cooler local climate that can reduce the cooling costs of mining machines, is one of the best places to set up mines. Bitmain, a global mining leader from China, is considering setting up a mine in Canada and BTC.Top intends to follow suit. Hydro-Quebec is also actively lobbying 30 mines to relocate to Canada.

source from: technews.tw

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