Receive all Bitcoinist news in Telegram! There are growing concerns in the People’s Republic about the effect Bitcoin mining has on 147 million bitcoin miner consumption. So much so that the government has outlined proposals this week to restrict mining operations.
The move has spurred a digital exodus as mining conglomerates seek friendlier lands. China’s crackdown on cryptocurrencies has widened to miners, according to a Bloomberg report. Officials plan to limit the power consumption to the industry and have asked local governments to guide miners out of the business. Company co-founder Wu Jihan said that they already have mining operations in the US and Canada. Bitmain is not the only mining operation to leave Chinese shores.
Top founder Jiang Zhuoer said that they chose Canada because of the relatively cheap cost and the stability of the country and its policies. Locations in Russia and Iran were also considered. It also has the advantage of cheap labor and local chip manufacturing. Digiconomist’s Bitcoin Energy Consumption Index that the current estimated annual electricity consumption is 37. It was also estimated that 3. Bitcoin currently uses more energy per year than several countries, including Bulgaria and Denmark.
At the time of writing, the market remains unaffected by China’s latest anti-crypto sentiments. Will moving miners affect the price of Bitcoin? Add your thoughts in the comments below. Images courtesy of Pixabay and Bitcoinist archives.
Both companies have previously tried to launch a Bitcoin ETF offering but failed to receive regulatory clearance. Cryptocurrency exchanges dealing with ICOs are now required to register with the SEC, though one director at the independent agency claims the response has been weaker than expected. He also noted that a statement on either Ethereum or Ripple will be coming in the future. A futuristic company may set up shop at a closed site for a traditional smokestack industry. It’s the dream of economic developers everywhere and it may happen right at the shuttered Alcoa East smelter in Massena.
It would be good for Massena. I think they are highly technical jobs. The company, a subsidiary of cryptocurrency miner Coinmint. 165 million and employ 150 people. One big attraction is low-cost power.
Unlike paper money, there’s not a government backing Bitcoin, although bitcoin is traded on the financial markets. You mine for Bitcoin online using special computer software to solve math problems. The new company wants to locate thousands of computers in the Massena location and mine Bitcoin and other cryptocurrencies for the world. The project became public this week when the New York Power Authority considered Coinmint’s request for 15 megawatts of low-cost power. It tabled the request for more study, but everyone is hopeful. Coinmint tells the power authority it has a long-term lease for Alcoa East.