Chinese Cryptocurrency Miners Are Considering Relocating To Canada
Mike Sanders / 1 week ago
Cryptocurrency mining is a major business. It isn’t just us enthusiasts hoping to get rich in our spare time at home. Admittedly, even that is hardly the case anymore with people strapping several Nvidia 1080 cards together in an effort to earn as much as possible.
One of the major problems with cryptocurrency mining, however, is the power consumption required to do it. When you consider this on an industrial level, it is certainly a big problem.
In a report via Reuters, however, Chinese firms are considering leaving the country and reportedly are considering Canada as their destination. Why? Because the Chinese government is cracking down on the power consumption these companies use.
Would it really happen though?
It’s not entirely out of the question. Albeit, whether Canada would want all that business moving en-masse is certainly of question.
Canada, generally speaking, is actually in a decent position when it comes to electricity and unconfirmed reports suggest that the Chinese government is getting more and more reluctant to approve further Cryptocurrency mining factories or even expansions of existing due to the massive power demands.
The Chinese Government has never been fond of these companies which would tally with their reticence to not approve any expansion.
With even Kodak these week joining the cryptocurrency market, it’s certainly interesting times.
Li Wei, CEO of Beijing based mining company ZQMiner has confirmed that: “We, and from what I understand many of our peers, are already making plans to go overseas.”
It is thought by many that their preferred destinations would include Canada and Switzerland.
What do you think? Would Bitcoin mining companies leave or expand outside of China? Would those other countries want it? What country would you choose to move your mining to? – Let us know in the comments!