Chinese Bitcoin Miners Moving to America and Canada? Miner Exodus Begins!



Oh guys mass movements in the market immigration a problem build that wall guys yeah I can fill that log guys where am I yeah there I am guys what's up crypto nation built that wall welcome to decentralized TV your best place for news on Bitcoin blockchain and cryptocurrency tech no not in today's crypto news but we're not talking about immigration build that wall we're talking about China Bitcoin miners migrating to avoid clampdown in China it'll be really interesting to see like like a crypto news bit like a video of all these Chinese miners like Paulin they're a sick miners to a new place you know there's a growing number of concerns and the People's Republic about the effect Bitcoin mining on it has on power consumption so much so that the government's outline proposals this week to restrict mining operations bro why would you do that China loves them some Bitcoin China loves them some cryptocurrency and a lot of the mining comes from China why would they do this there has to be a reason guys maybe we can figure it out in this article the move is spurred a digital exodus as mining conglomerates seek friendlier lands China's crackdown on cryptocurrency is widened to miners according to Bloomberg report officials plan to limit the power consumption to the industry and have asked local governments to provide miners out of the to guide miners out of the business guys are we gonna see a mass migration of Chinese miners Chinese farmers gold farmers Bitcoin farmers Wow Gold the People's Bank of China PBOC intends to enforce local regulators to monitor and restrict the power use of miners which are often located near hydroelectric power plants now I've talked about this before on stream often those hydropower electric plants are very much tied into the mining themselves meaning sometimes there have been contracts where they'll let the miners mine for free because of the over abundance of energy and as long as the energy companies get a cut so this is an interesting and strange to me at least change why would those hydroelectric power plants want to get out of the Bitcoin game well bit Maine which runs China's two largest Bitcoin mining collectives is relocating its headquarters to Singapore according to the report co-founder Jehan Wu said that they're already mining operations in the US and Canada bit Maine is not the only mining operation to leave Chinese shores the third largest BC top is opening a factor in Canada and the fourth biggest mining operation of via BTC has facilities in Iceland and the US we've talked about this before China is buying up Canada and us in big chunks the gentrification of America guys has begun and it's starting with the Chinese and the Russians BC T's top Jiangsu er said that they have chose Canada because of the relatively cheap cost and scalability in stable stability of the country and its policies locations in Russia and Iran were also considered China has long been a haven for crypto mining doing it's low cost of energy it also has the advantage of cheap lake labor and a local chip manufacturer I mean they are number one Bitcoin mining used a lot of energy it has been estimated by digi kana miss Bitcoin energy consumption index that the current estimated annual electricity consumption is 37.8 terawatts is also estimated at 3.5 million households in the US could be powered by Bitcoin mining which equates to an annualized s mo global mining cost of 1.8 9 billion dollars that is a very significant number why because it shows any pundits out there that this isn't free magic internet money you actually have to spend money to get the money it really is like mining there is a financial incentive to mine but it costs money to do so ok Bitcoin currently uses more energy per year than several countries including Bulgaria and Denmark according to the report the problems do not end there as bitcoins largest problem is not its massive energy consumption but that the network is mostly fueled by coal-fired plants in China resulting in a large carbon footprint if you believe in that type of nonsense and the time of writing the market remains unaffected by China's latest anti crypto sentiments according to corn puffs calm it is trading at 1700 is up 28% from in January first so I'm going to throw it back to you guys will these miners affect the price of Bitcoin as they make their mass exodus or are we going to see a transition that is slow steady and relatively inconsequential to the overall market and the Bitcoin price itself now this is a strange turn of events we've seen a lot of clampdown from China when it comes to registered legislation and legalization let's say of Bitcoin and crypto currencies but now they're targeting the miners which we've heard about before the question really remains is why the hell is China doing this don't they want to keep Bitcoin in China is there a plan for this are there some conspiracies that are cropping up I've got a few in my head as you guys probably well can assume but I want to throw it back to you guys what is going on with China and these miners and this mass exodus could the biggest mining facilities in the world in the future be in Canada and America that would be pretty legit guys we could have a United States stamped Bitcoin and let us know your thoughts in the Bitcoin dot pub or in the comment section below and thank you for joining us in today's crypto news bit brought to you by decentralized TV your best place for news on Bitcoin blockchain and cryptocurrency tech if you're new here why don't you join the crypto nation and subscribe and smash the bail button so you know when new news is coming out for the rest of you guys smash the like button for America

29 thoughts on “Chinese Bitcoin Miners Moving to America and Canada? Miner Exodus Begins!”

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  2. nope.. you see, in china the had no rules on exhanging crypto.. so they're government is basically watching these huge farms thrive and not pay a dimes in taxes. Like Canada,,, lol

    they'll find out they cant pull that here, if you exchange crypto in cash you pay the applicable income tax.

    which would be quite a lot out of they're profit… oh ps theyre going to be paying through the roof for theyre internet too.. its real crappy here

    they already killed mining due to spiking the diffuclulty through the roof, so nobody like them

  3. Power consumption will be priority one…You need a off grid, independent power supply? I see a market for investment in renewable energy sources, not tethered to any geological coal, oil, and natural gas locations and by extension any government oversight. Solar? Synthetic Chemical Energy? The blockchain will never die, but it will masquerade as any coin to make wealth independent of a centralized consortium.

  4. China realized they cannot control or own the blockchain. ROFL when you finally realize technology > than your personal greedy evil intentions[PERIOD] #Chumps

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  7. You will never know what chinese are thinkingπŸ˜‚πŸ˜‚πŸ˜‚
    China banned ico & btc… And look, there is www.binance.comπŸ˜‚πŸ˜‚

  8. I personally think we need more Chinese Japanese here in America. Hell I think we need more multicultural people here period. They are very fun to be around with and you can learn a lot. People should just stop with all the fighting. We need to as human be more mature and think about the future. If everyone got along and helped each other things could only get better. Imagine we could achieve greater things and maybe even eventually be space colonists.

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