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RE: Bitcoin Miners Migrate From China To Canada As PBOC Begins Crackdown

in #bitcoin7 years ago

This is where the market will decide. People seem to think there is a big secret to all of this.

If the Chinese government bans or cracks down on the mining (presuming the local entities play along with the central regime which is no guarantee), it simply will move elsewhere. Somebody will step in and fill the void.

Of course, what is not talked about is China is one of the leading countries in terms of solar placement the last couple of years. Hence, these minors could simply shift to a solar powered system which would cut a portion of their energy usage.

In the end, the miners are making too much money which they are using to pay off the local officials. China is one of the leading countries in terms of corruption so nothing will go as planned. Besides, I heard rumors that some of the minors are the local electric companies.

So the idea that they will shut things down is absurd.

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In China people tend to play along with the authorities, because if you don't - you might be missing the next day.

The local authorities have more control in China than the central authorities.

The local authorities have more control in China than the central authorities.

Until they are no longer convenient, then you can really see where power resides. But I am not chinese, so I can't really tell. Maybe you have better sources.