Chinese Bitcoin Mining Firms Are Shutting Down, Could Be Facing a Crackdown

[kreslik.news]

A number of Bitcoin mining firms have apparently been forced to cease operations in China’s Sichuan province. This is according to a report by People’s Daily – the biggest newspaper group in China and the official newspaper of the Chinese Communist Party.

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Bitcoin mining is a very energy-intense process, highly competitive and dependent on economy-of-scale to maintain in times of tight profit margins. As a result, mining firms have clustered in regions of the world where electricity is both cheap and abundant. This usually means that bitcoin mining is done in huge complexes in proximity ... (read more)