Member-only story
Repression against the "miners" ready to move to the US and Russia, but the solution is not flighting; the paradigm must be changed.
Due to the Chinese government's repression against the crypto world, many '' mining farms '' have stopped in recent weeks. According to Chinese news sources, 90 percent of Bitcoin Farms have already been blocked. A very relevant data shows us how much China wants to limit decentralized cryptocurrencies and have the electronic Yuan (DCEP) as the only digital currency.
Miners are increasingly at risk in various provinces of China. The local government of Inner Mongolia asked all citizens to report any mining operations and proposed a law in May to increase penalties against miners; In Xinjiang, 36 percent of the global computing power of the Bitcoin network was concentrated in April, in June, the local authorities imposed the closure of mining activities in the Zhundong Economic-Technological Development Park, an area of 15,500 square kilometers that houses several plants coal-fired electric.
The cost of electricity conditions the miners' escape; the computers used for mining Bitcoins consume a large amount of energy to solve the complex calculations of transactions. They will then move to where the cost of electricity is cheap; according to CNBC, two probable destinations are Texas and Kazakhstan, where costs are among the lowest globally and, especially in Texas, they would find a state administration favorable to the support of cryptocurrencies.
