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Title: Is Bitcoin mining in China driven by export controls? Post by: Nagle on September 25, 2014, 05:58:04 PM The People's Bank of China has, as we all know, restricted banks from dealing with Bitcoin, to enforce China's exchange control laws. But mining is "manufacturing" and "exporting". Building a mining operation and selling Bitcoins for dollars or euros is just fine under China's laws. There are even incentives. Some of those mining farms may be benefiting from low-cost loans and other incentives some cities in China provide to encourage manufacturing startups. Is anyone in China able to comment on this?
Title: Re: Is Bitcoin mining in China driven by export controls? Post by: gallery2000 on September 28, 2014, 03:55:26 PM The People's Bank of China has, as we all know, restricted banks from dealing with Bitcoin, to enforce China's exchange control laws. But mining is "manufacturing" and "exporting". Building a mining operation and selling Bitcoins for dollars or euros is just fine under China's laws. There are even incentives. Some of those mining farms may be benefiting from low-cost loans and other incentives some cities in China provide to encourage manufacturing startups. Is anyone in China able to comment on this? Bitcoin miners are using low cost coal power plant to power their miners. The more miners the worse the air pollution. Sooner or later, you shut down your miner or die. Title: Re: Is Bitcoin mining in China driven by export controls? Post by: JohnnyBTC on October 02, 2014, 05:06:35 PM The People's Bank of China has, as we all know, restricted banks from dealing with Bitcoin, to enforce China's exchange control laws. But mining is "manufacturing" and "exporting". Building a mining operation and selling Bitcoins for dollars or euros is just fine under China's laws. There are even incentives. Some of those mining farms may be benefiting from low-cost loans and other incentives some cities in China provide to encourage manufacturing startups. Is anyone in China able to comment on this? Bitcoin miners are using low cost coal power plant to power their miners. The more miners the worse the air pollution. Sooner or later, you shut down your miner or die. whether they use coal, solar, or flux capacitors, its irrelevant to what OP is saying. he is talking about government incentives which is a different topic. |