With Bitcoin (BTC), we are doing everything against the grain to do better. Fiats are an inflationary currency, while Bitcoin is deflationary. Multinationals in Europe want to set up in China to optimize their production costs, BTC miners are fleeing China for more welcoming Nordic countries.
Scandinavia pulls out the shovels
The China is the country where the concentration of minors Bitcoin is the highest.
The country is estimated to control between 50 to 60% of the world’s hashrate. 35% of this hashrate would come from the region of Xinjiang.
In July 2020, numerous reports indicated that the hashrate of the China had decreased to 50%, while that of United States had increased to 14%.
In parallel, according to a document published by the journalist Iyke Aru on December 30, 2020, Chinese miners choose to migrate their activities to the Nordic countries, such as Sweden and the Norway.
Aru said early miners benefited from a lack of regulation and extremely low electricity costs.
In recent years, the Chinese government has put in place regulatory agencies and strict measures to control the mining industry. Chinese miners are now choosing to turn to crypto-friendly countries.
In the north it is greener!
The operations manager of Genesis Mining, Philip salter, confirms the journalist’s observations and indicates that this migration is one of the most important developments in the mining industry.
Salter indicates that these miners seek political stability and financial security in countries that offer more favorable conditions for industry.
Aru detailed the electricity supply difficulties faced by miners in the province of Yunnan.
The Chinese government’s ban on exchanges complicates the activities of minors who cannot convert their Bitcoins in fiat currency.
According to Aru, miners are interested in green and renewable energies in the Nordic countries.
There is no way some companies can quit Bitcoin mining despite the Chinese government’s hostility towards the oldest crypto and the cryptosphere in general. Miners have every reason to travel thousands of miles to ensure the sustainability of their operations, with Bitcoin on the $ 100,000 road in 2021. Jack Ma has disappeared after delivering a critical speech against the Chinese government. However, the latter will not be able to make Bitcoin disappear despite the power of its political and military machine.
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