[2021-06-24]Crypto honchos see miners fleeing China as crackdown deepens

[Woodie]

The heads of some of the world’s biggest cryptocurrency exchanges say Bitcoin miners are shifting operations out of China as authorities intensify their crackdown on the space.

“We’re seeing a lot of those miners moving out of China to other places,” Changpeng “CZ” Zhao, the CEO of Binance Holdings Ltd., the world’s biggest crypto exchange by reported turnover, said in an interview at the Qatar Economic Forum on Tuesday. “Some of them are sending their mining equipment to overseas. There’s big shipments.”

Zhao said he’s seen movement by clients in Binance’s mining pool, which combines the computing power of number-crunching machines that verify cryptocurrency transactions.

China’s moves have injected uncertainty into the cryptocurrency market and helped pull Bitcoin down to the lower end of its recent trading range, with the coin briefly falling below $30,000 on Tuesday after having reached nearly $65,000 in mid-April.

Read more https://economictimes.indiatimes.com/markets/cryptocurrency/crypto-honchos-see-miners-fleeing-china-as-crackdown-deepens/articleshow/83802627.cms

Make or break time, I guess moving out of China is the long term solution for crypto miners and I support it!

[NeuroticFish]

There was already the news that also BIT Mining is moving out of China. Good. Businesses will always try to stay on best profit. It would be even better if they would start building their own facilities for producing electricity. Because without that, still fossil fuels based electricity is the one that's going to be used.

Unfortunately, although this should be a good news, it was wrapped in a way to increase uncertainty and shake the weak hands even more.

[Kakmakr]

This should be placed in the "Good" news section and not in the "Panic" section of this forum.     It has been said for several years that "Bitcoin mining is too centralized in China" and now this so-called Chinese monopoly has been broken by their own government. 

People should celebrate that the large Chinese mining farms are relocating to other countries and that it cannot be used as a "scare tactic" by our competitors and the mass media.

Now let's just hope that these mining farms are also going to relocate to areas with "clean" renewable energy sources.