Also Read: China’s Central Television Warns of the Risks of Cryptocurrency OTC Trade Last week, a circulating document indicated that the state-owned power company in China’s Sichuan province would be mounting a crackdown on bitcoin mining. Chinese miner, Akira Cui, recently told the South China Morning Post that many miners “have already paid visit to Vietnam, Laos, Thailand, Russia and the US, negotiating electricity prices with local authorities and buying sites for future use.”.
Mr. Cui argues that “the [mining] business blueprint is bound to go overseas, even if there’s only a 1 percent possibility that China’s crackdown against bitcoin would extend to mining.”. The South China Morning Post states that it contacted four major mining companies, with Mr. Cui being the sole respondee.
Representatives of Chinese mining companies seldom speak with media as many miners are reported to strike private deals with local power companies that are concealed from higher-ranking officials and institutions. Curiously, Mr. Cui forecasts that China’s cryptocurrency crackdown may ultimately serve as a positive for the bitcoin community at large.
Similarly, Mr. Cui believes that the Chinese crackdown on cryptocurrency exchanges will lead to greater decentralization, stating “it’s abnormal to have exchanges globally, as any centralized institution goes against the cryptocurrency’s very nature.”. What impact do you think a crackdown on mining will have now that many Chinese miners are exploring relocation?.
https://news.bitcoin.com/chinese-bitcoin-miners-explore-relocating-abroad-amid-fears-of-crackdown/
