Tech & Science Bitcoin Miners Are Shifting Outside China Amid Clampdown

18:53  05 january  2018
18:53  05 january  2018 Source:   bloomberg.com

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Bitcoin miners shift outside China amid crackdown - www.businesslive.co.za. Bitcoin price yo-yos amid a China clampdown . Despite the late-Friday recovery, bitcoin is still down nearly 13 percent for the week as it has faced criticism from Wall Street and government officials …

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

A technician exits a warehouse containing bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017. Bitmain is one of the leading producers of bitcoin-mining equipment and also runs Antpool, a processing pool that combines individual miners from China and other countries, in addition to operating one of the largest digital currency mines in the world.: Inside Bitmain Technologies Ltd.'s Bitcoin Mine© Bloomberg/Bloomberg Inside Bitmain Technologies Ltd.'s Bitcoin Mine (Bloomberg) -- As China’s crackdown on cryptocurrencies broadens to bitcoin miners, some of the industry’s biggest players are shifting operations overseas.

Bitmain, which runs China’s two largest bitcoin-mining collectives, is setting up regional headquarters in Singapore and now has mining operations in the U.S. and Canada, Wu Jihan, the company’s co-founder, said in an interview. BTC.Top, the third-biggest mining pool, is opening a facility in Canada and ViaBTC, ranked No. 4, has operations in Iceland and America, their founders said.

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BEIJING — As China 's crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry's biggest players are already shifting operations overseas.

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

The moves underscore how China’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down.

After banning initial coin offerings and calling on local exchanges to halt virtual currency trading last year, Chinese authorities outlined proposals this week to discourage bitcoin mining -- the computing process that makes transactions with the cryptocurrency possible. Officials plan to limit the industry’s power use and have asked local governments to guide miners toward an “orderly” exit from the business, people familiar with the matter said.

While the moves are unlikely to have a noticeable effect on bitcoin transaction speeds, they could reshape the cryptocurrency mining industry. Miners have until recently flocked to China because of the country’s inexpensive electricity, local chipmaking factories and cheap labor. They now have little choice but to look elsewhere.

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(Bloomberg) -- As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are already shifting operations overseas. Bitmain, which runs China ’s two largest bitcoin -mining collectives

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

“We chose Canada because of the relatively cheap cost, and the stability of the country and policies,” Jiang Zhuoer, founder of BTC.Top, said in an interview. He also considered locations in Iran and Russia.

Bloomberg News reported the Chinese government’s planned curbs on Wednesday. The People’s Bank of China didn’t respond to faxed requests for comment.

Bitcoin, which surged 15-fold last year, climbed about 6 percent at 5:32 a.m. New York time (January 5).

This Australian tech investor will be the first ASX-listed company to mine cryptocurrencies .
Fatfish Internet Group will become the first ASX-listed company to “mine” cryptocurrencies such as Bitcoin.  Unlike fiat currency which is issued by a central bank, Bitcoin is created or “mined” with high-powered computers and special software used to solve math problems.

Source: http://au.pressfrom.com/news/tech-and-science/-51315-bitcoin-miners-are-shifting-outside-china-amid-clampdown/

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