China once owned about 65% of Bitcoin (Bitcoin) Mining computing power has provided guidance for several miners in the country.
Nationwide Bitcoin mining ban This means that miners have been forced to close their businesses, and some institutions have moved their hardware overseas.
Twitter On Wednesday, Kevin Zhang, vice president of crypto mining consultancy Foundry, said that the mood of Chinese miners is getting worse and worse, adding:
“The mood is obviously quite dull. The reality is that it is the GG of China’s mining industry. After the Bitmain Conference, some mine friends have been wandering in Sichuan to ease their worries. Now… I don’t want to drink anymore–‘even the mood of drinking. It’s all gone.'”
According to Zhang, China’s Bitcoin ban has resulted in the closure of about 70% of the country’s mining capacity, and by the end of June, nearly 90% of the mining capacity will be offline.
For some miners, the ban is more than just shutting down operations, because power stations in certain areas of Sichuan Province have issued eviction notices to Bitcoin miners. According to reports, the affected miners have less than two weeks to unload all of their operating infrastructure, including racks and containers.
As previously reported by Cointelegraph, some of the major Bitcoin miners have begun to open stores in other countries.According to reports, BTC.com, the fifth-ranked Bitcoin mining pool by hash rate Move to Kazakhstan.
In early June, the Mayor of Miami, Francis Suarez, Open invitation to Chinese miners, Providing the city with cheap nuclear power and preferential regulations as incentives.
However, Zhang believes that the overseas migration of Chinese miners may not be seamless. According to reports, due to oversubscription of hosting capacity outside of China, miners may have to deal with higher costs in other countries/regions.
Since the United States imposes a 25% tariff on Chinese goods, moving to the United States may also cause another major cost issue for miners.