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China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas

China is in the process of kicking out all its bitcoin miners, and many of them could be headed to Texas.

6/20/2021 8:36:00 AM

China is kicking out more than half the world’s bitcoin miners – and a whole lot of them could be headed to Texas. KenzieSigalos reports.

China is in the process of kicking out all its bitcoin miners, and many of them could be headed to Texas.

The way this exodus is measured is by looking at hashrate, an industry term used to describe the computing power of all miners in the bitcoin network."Given the drop in hashrate, it appears likely that installations are being turned off throughout the country," continued Carter, who also thinks that probably 50% to 60% of bitcoin's entire hashrate will ultimately leave China.

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Although China's announcement hasn't been cemented in policy, that isn't stopping miners like AlejandroDe La Torre from cutting their losses and making an exit."We do not want to face every single year, some sort of new ban coming in China," said De La Torre, vice president of Hong Kong-headquartered mining pool Poolin. "So we're trying to diversify our global mining hashrate, and that's why we are moving to the United States and to Canada."

One of bitcoin's greatest features is that it is totally location agnostic. Miners only require an internet connection, unlike other industries that must be relatively close to their end users."The cool thing about bitcoin that is underappreciated by a lot of the naysayers is that it's a portable market; you can bring it right to the source of energy," said Steve Barbour, founder of Upstream Data, a company that manufactures and supplies portable mining solutions for oil and gas facilities.

That said, the exodus won't be instantaneous, in part, because it will take miners some time to either move their machines out of China or liquidate their assets and set up shop elsewhere.Where they're goingBecause miners at scale compete in a low-margin industry, where their only variable cost is typically energy, they are incentivized to migrate to the world's cheapest sources of power.

"Every Western mining host I know has had their phones ringing off the hook," said Carter. "Chinese miners or miners that were domiciled in China are looking to Central Asia, Eastern Europe, the U.S. and Northern Europe."One likely destination is China's next-door neighbor, Kazakhstan. The country's coal mines provide a cheap and abundant energy supply. It also helps that Kazakhstan has a more lax attitude about building, which bodes well for miners who need to construct physical installations in a short period of time.

Didar Bekbauov runs Xive, a company that provides hosting services to international miners. Xive also sells the specialized equipment needed for mining.Bekbauov says that he's stopped counting the number of Chinese miners who have called him to ask about relocation options, ranging from operations with 15 rigs to thousands.

"One miner told us that only government electricity plants have restricted mining and private ones will continue to service miners," Bekbauov told CNBC."But most of the electricity is generated by government power plants, so miners will have to move. That makes them uncertain and desperate to find other locations," he said.

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Whether Kazakhstan is a destination or simply a stopover on a longer migration west remains to be seen.Arvanaghi is bullish on North America and thinks the hashrate there will grow over the next few months."Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe," he said. "It's also very easy to start up a mining company ... if you have $30 million, $40 million, you can be a premier miner in the United States."

Read more: CNBC »

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zackvoell KenzieSigalos Better china gaverment always problem i thinking btc it will take good and fresh breathe better zackvoell KenzieSigalos Texas? In this summer? KenzieSigalos we have a mining farm in Costa Rica that uses renewable thermal energy - DM me if you are escaping the communist curse!

KenzieSigalos I'm sure the internet Monopoly money will work out KenzieSigalos crypto mining isnt an 'industry'. Can you lot stop pretending it is. Cheers KenzieSigalos Is this the same Texas that lost power how long ago? KenzieSigalos Whats the real agenda behind this? KenzieSigalos Well that’s gotta be the dumbest sht ever…Where are they going to get power? Where? Even Texas spent $1 Trillion dollars tomorrow to upgrade their grid it would take a decade to fix!

KenzieSigalos Sincerely, I have no clue what this means or what it means to me. I’d be most thrilled if someone explains this. KenzieSigalos Who would want to do business with China? KenzieSigalos Impossible. Texas just signed a new law banning any chinese companies to weave themselves in the infrastructure of the country or texas for that matter.

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KenzieSigalos more decentralization, it’s good for BTC KenzieSigalos They would be wise to avoid Texas because of their electrical grid issues. KenzieSigalos BCBacker there it is KenzieSigalos Gimme yo jobs, China! KenzieSigalos So, big bad controlling wanna be world leader, and global currency motivated China think so little of this big bad new thing btc that they just kicked it out of their country and gave it to the rest of the world?

KenzieSigalos Texas power grid is fragile. Have you been tracking the latest news regarding this? KenzieSigalos Come on over! KenzieSigalos Our border is closed and Abbott is soliciting funds to build a wall. Maybe they are donating bitcoins but how will they get over his wall? digitalassetbuy KenzieSigalos Doesn't Texas have a grid problem......

KenzieSigalos Nice

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KenzieSigalos Chinese Crypto miners.⬇⬇⬇⬇⬇⬇⬇ KenzieSigalos Maybe they can invest into Texan redundant electrical systems to prevent the next electrical threat. KenzieSigalos Good luck digitalassetbuy KenzieSigalos CNBC is a joke. FUD pushers. China isn’t going to just hand over control and move to Texas. Nice attempt at fishing for clicks

KenzieSigalos More like Iceland KenzieSigalos Big Bang Boom!! bitcoin gonna be over $100K because of it!! Even Alpaca has bitcoins more than the masses already! Ha! digitalassetbuy KenzieSigalos Questions: Why would China give up their current dominant position in controlling mining? Is China really serious about climate change? CNBC posting this article right now? No Chinese official policies, just talk. Smells like a BS FUD to me, not buying any of it.

KenzieSigalos Won't the Chinese need visas to get to the states. How easy could it be with the covid issue and the movement from one country to another. coin689 KenzieSigalos This app will give people worldwide the freedom to be their own bank ✔Cross-chain transactions in stealth mode ✔Great $BTC & $USDT interest rates ✔Spot, futures & options DEX ✔Fiat on/off ramp ✔+305k users ✔ ChaingeFinance FSN ✔ unique TIME-FRAMING technology 🎬⤵️

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MackAttackXRP KenzieSigalos Nope, we don't have much electricity available here in Texas right now! They can go elsewhere KenzieSigalos 🤣🤣🤣 they will have more 5 hour lunch breaks because black outs that last 5 days. 🔦 KenzieSigalos The less mining, the less supply, the higher the price! 🤡 KenzieSigalos Isn't Texas the same place they were throttling people's air conditioning.

digitalassetbuy KenzieSigalos We should mine bitcoin using yellowstone! Just need to open'r up juuuust a little bit and 💥 🌋 ⚡⚡⚡ No one will ever worry aboit mining bitcoin ever again KenzieSigalos Finally some good new for crypto. digitalassetbuy KenzieSigalos more bullish news buy more bitcoin is going 100k for sure. I’m not joking.

KenzieSigalos This is money unlike $btc bitidiots KenzieSigalos So they move and continue operations. Nothing to see here KenzieSigalos

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KenzieSigalos wooowwwww lol KenzieSigalos Tell them to bring generators. KenzieSigalos Only problem for the BitCoin fools... Texas power grid is total trash and BitCoin take LOTS of power. KenzieSigalos They are all probably hackers coming to destroy what’s left of our democracy. KenzieSigalos Alaska, Washington Montana, North Dakota, Minnesota as the perfect location 🏔 for Bitcoin miners long-haul.

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