A bitcoin mining data centre is seen on an oilfield in northern Texas on May 6, 2021. Cryptocurrency mining requires a lot of energy, which has led to much it being concentrated in China, where electricity is cheap. Now an ensuing crackdown is pushing some operators to consider moving to North America. Photo: AFP
Bitcoin miners: China’s cryptocurrency crackdown pushes companies overseas
- Large bitcoin mining companies are looking at moving to North America and Central Asia after taking advantage of cheap electricity in China
- Beijing recently announced a new crackdown on bitcoin mining in response to volatile price swings, but the country still accounts for 65 per cent of mining
A bitcoin mining data centre is seen on an oilfield in northern Texas on May 6, 2021. Cryptocurrency mining requires a lot of energy, which has led to much it being concentrated in China, where electricity is cheap. Now an ensuing crackdown is pushing some operators to consider moving to North America. Photo: AFP
