Bitcoin Forum

Crypto Miners Suddenly Fled Swedish County After Facing Heavy Burden of $1.55M Energy Bills

Two mining firms operating in Sweden have purportedly relinquished their facilities in Norrbotten, a county in the far north of the country. One of the firms, a U.S. miner called NGDC, seems to have all of a sudden fled the county, leaving unpaid power bills of around $1.55 million in its wake, according to a report from Sverige Radio.

Read the details in the article of Coinidol dot com, the world blockchain news outlet: https://coinidol.com/crypto-miners-suddenly-fled-swedish-county/

https://coinidol.com/upload/resize_cache/iblock/3fa/900_900_1/3fa5314d20d2eaf96b2e170fcaba0e6e.png

This is not new, a lot of cryptocurrency mining firms instead of shutting down their operation are transferring countries of their mining due to expensive electricity, this is also highly dependent on the price of what cryptocurrency they are mining at, since the prices of cryptocurrencies are not in a good shape they will take a direct hit with all of their expenses. Some Chinese mining companies also have move out from China due to expenses, although this looks like bad news it is better than to see these mining firms stopping their operation.

This could be a worrying new trend where people rent a place or start a new company, mine like crazy, and then dump it and run. In a bear market where bitcoin prices are plummeting it's hard to pay the rent + electric bills

This is undesirable crypto mining malpractice as it turned out a bad reputation to miners for some others think that this might be some wrongdoing to others. In the first place we should be a responsible crypto miners whether we win or loose we have to  obliged our duties accordingly.