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January 05, 2018, 03:49:43 PM |
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China has long been a bastion of cryptocurrency mining supremacy due to a surplus of power in the country.
Some of the world’s largest mining groups, including the likes of Bitmain’s Antpool, BTCC, BW mining and BTC.com, operate large mining operations in the country.
Mining is the backbone of cryptocurrency, as computers are needed to validate transactions stored on the Blockchain by solving cryptographic algorithms. As cryptocurrencies continue to grow in popularity around the world, the demand on the network grows.
That means countries, where energy is cheap, are the most attractive to miners, as the process is power hungry, to say the least.
China’s has cut back on its energy production in the last year due to a surplus in their energy grid, as this graph from tradingeconomics.com shows, taking data from the National Bureau of Statistics of China.
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