Bitcoin miners exit China, beat a path to the U.S. as crypto climate shifts

[Eugene]

Source: Washington Post

Bitcoin miners exit China, beat a path to the U.S. as crypto climate shifts

By Gerry Shih
June 17, 2021 at 4:55 p.m. EDT

-snip-

Today, Jiang, a fast-talking 36-year-old, is winding down in China. He and several Chinese investors — some who became billionaires off bitcoin mining — are considering shipping their equipment to Texas and Tennessee.

China’s bitcoin moguls are coming to America.

For years, Chinese miners like Jiang were enabled by the glut of cheap — and often dirty — electricity in China, where a massive fleet of coal-fired plants and hydroelectric dams fueled the country’s rise into an industrial behemoth. At their height in 2018, China’s bitcoin prospectors accounted for 74 percent of the world’s bitcoin production.

But this year, Chinese authorities are cracking down on cryptocurrency to dial back energy consumption and meet their climate goals, sending miners scattering. And increasingly, miners are decamping for places like Texas, South Dakota or Canada, launching a mass migration with implications for the evolving industry and the new communities that will house it.

There also are questions about how much local energy grids can handle.

-snip-

Read more: https://www.washingtonpost.com/world/asia_pacific/bitcoin-mining-china-crypto-america/2021/06/17/0a39c3a8-c903-11eb-8708-64991f2acf28_story.html

[efhmc]

1. Yeah, like Texas needs more electricity consumption.

[walkingman]

3. During the "Big Freeze" Texas made damn sure that the "essential"

businesses had power. Those that were lucky enough to be near one had no impact or loss of power.

Bottom line....in Texas business comes before the people. It's the Rethuglican way.

[OAITW r.2.0]

2. With absolutely no value to the energy taxpayers in Texas.

How stupid can you be? Abbott will show you.

[catrose]

4. There is definitely a question of how much the local grid can handle.

I'd like to run my AC & applian ed, but supposedly the grid can't handle that.

[BlueTsunami2018]

5. Why would we even let them in to do this?

They can’t just set up shop wherever they want. They shouldn’t be able to anyway.

[Budi]

6. Gov Abbott says Welcome to Texas!!

Elon's already set up in Austin!

[Budi]

7. This explains why Abbott just declared 'Fed Govt Keep Your Hands off Texas'.

Crypto's movin in & Abbott don't want the Fed regulating it.

Gdsoab

[cbabe]

8. What happens when

Bitcoin miners take over your town. Eastern Washington power grid maxed out. Good story in politico.

[Mopar151]

9. Mining BITCOIN with grid electricity

Is about as carbon neutral as coal mining!!
Would be far better with off grid, renewable sources in "middle of nowhere" locations. Wind farm in Wyoming?