Crypto money miners leave China
Crypto money miners are among the first to be influenced by the recent wave of sales in the crypto money market. Many crypto money miners shut down their devices because of falling prices. This resulted in a significant reduction of the bitcoin’s hash rate.
According to CoinShares’ latest report, crypto money miners in China are moving to countries where energy costs are cheaper to keep their equipment alive.
3 things miners want: cheap electricity, quick connection, cold climate
CoinShares, a crypto asset investment and research platform, recently released a 19-page report.
The report titled Bitcoin Mining Network – Trends, Marginal Production Costs, Electricity Consumption & Resources in is the second edition of the mining report, the first published in May and published twice a year.
The report reveals the current situation and changing trends in cryptocurrency mining, including a significant and significant analysis of the composition, efficiency, electricity consumption, electricity sources and geographic distribution of the Bitcoin mining network.
The report also explains and analyzes critical operational factors such as hardware efficiency, hardware costs, marginal production cost and hash rate for a Bitcoin mining company.
More than 60 percent of the miners are not currently in China, but those in China are settled in a handful of cities, including Sichuan, Yunnan, Guizhou, Tibet, Xinjiang, Western Inner Mongolia and Heilongjiang. 80% of Chinese miners are in Sichuan.
Furthermore, the main factors driving the location decision of these miners are low temperatures, which reduce the need for low-cost electricity, high-speed internet and additional cooling costs.
The researcher who prepared the report concluded that a significant number of mining operations left the country or chose not to re-invest in China, after gathering information from the public and those from the industry.
Companies that did not use mining equipment in China and left the country in Scandinavia, Russia, Canada and some parts of the United States inexpensive electricity, mining-friendly legislation, fast internet connections and a degree of cold climate encouragement were moved to these places.