[2018-01-23] A Leaving Mining Pool: Too Tired To Carry On in China

[lylian]

In China where bitcoin mining has been steadily warmed, some are leaving…

“I quit, it’s too tiring to carry on”

Zhang Shuai (pseudonym), running a mining pool company, say to thepaper, describing his startup experience as “a mess”.

“Many small-sized mining farms have moved to Canada, Russia and Iceland, and some have been shut down by the local government for electricity theft.”

http://news.8btc.com/a-leaving-mining-pool-too-tired-to-carry-on-in-china

[Intristing]

I heard the Chinese government wants to charge higher price for BTC mining operation.

[veleten]

I heard the Chinese government wants to charge higher price for BTC mining operation.

I hear from chinese themselves that it is harder and harder to deal with crypta there
some of them are moving their businesses out of the country
some are trying to find different channels to trade and buy coins,since there is no legitimate way
to sell them in china and convert to fiat
chinese goverment will not only "charge higher prices for BTC operation" which is increased electricity and rent costs
but will be shutting down the existing mining farms and pools,they do not like billions of $ being moved in and out without any sort of control

[lylian]

China authority is containing bitcoin mining by limiting power supply and removing preferential policies for mining business in poor western areas where mining business used to be welcomed and invited for anti-poverty. It means mining costs increase and squeezed out, so they move to overseas.

FYI: http://news.8btc.com/china-authority-to-contain-bitcoin-mining-by-limiting-power-supply

[vit05]

China authority is containing bitcoin mining by limiting power supply and removing preferential policies for mining business in poor western areas where mining business used to be welcomed and invited for anti-poverty. It means mining costs increase and squeezed out, so they move to overseas.

FYI: http://news.8btc.com/china-authority-to-contain-bitcoin-mining-by-limiting-power-supply

  8BTC.com was asking on his twitter about good places to farm. I think there is a lot of small farm mining in China studying if they could move to other countries. The thing is that I believe Canada is better to mine, but it is expensive to live. China is way cheaper them Canada or Icelend. So, for Big miners, it makes sense to change, but for small ones, it makes more sense just close their business.

[hl5460]

I heard the Chinese government wants to charge higher price for BTC mining operation.

It's necessary for compliance.