Greener pastures: Bitcoin miners now looking beyond Chinese borders
Cointelegraph
Published Nov 12, 2020 09:51AM ET
Updated Nov 13, 2020 12:00PM ET
The behavior of crypto market participants often depends on political and economic factors: the price of crypto assets, regulations in a specific country, or political events. For Chinese miners, however, the factors differ somewhat. For several years, Chinese mining operations have been largely reliant on climate. While Western crypto companies fear falling stock prices and regulators, the survival of many crypto mining operations in China depends on rain.
Chinese miners have recently migrated from the southern regions to the north, where electricity prices can be as low as $0.01. This migration has led to a surge in the Bitcoin (BTC) hash rate by more than 40% in two days. While the migration occurs annually, the wet season closing out may not be the only contributing factor this year.
Continue Reading on Coin Telegraph
Get The News You Want
Written By: Cointelegraph
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.