Cheap electricity has always been one of the top priorities for miners. Most people would be very surprised to learn that the global bitcoin mining capital is rumored to be in…China. That’s right, the Chinese province of Sichuan has a low population density, cold climate and very cheap electricity.
Sichuan is located in southwestern China and is a region with just the right high altitude required to cool down mining equipment. Many Chinese newspapers state that there are more than 20 companies conducting mining operations in the region. The Chinese government is however, now taking quick action against the alleged 30 000 illegally constructed bitcoin mining machines.
The majority of these alleged illegal mining operations are located around the Dadu river in Sichuan. This enormous Chinese river, will also host the world’s biggest embankment dam named Shuang Jiang Kou.
Sichuan didn’t turn to the bitcoin mining capital of the world overnight. This process began way back in 2017 and was originally initiated because of the incredibly low electricity prices. There are other Chinese provinces which also offer favorable mining farm conditions like Xianjiang, Yunnan and even Inner Mongolia.
Sichuan was the best mining spot even during the bear market
Last year, many miners around the world were forced to either sell their mining operations or get rid of them entirely. Mining simply wasn’t profitable because of either regulations or the bear market squeezing miners dry. China however, managed to cement itself as the strongest mining superpower in the world.
The most dominant bitcoin mining pools are on Chinese soil. Antpool and BTC.com in particular has over 31% of entire hash power of the network. To give an even wider perspective, it’s estimated that roughly 70% of all the world’s bitcoin is mined in China. 70% of the mined bitcoin however, is mined specifically in the Sichuan province.
It’s still unclear if crypto mining will get banned entirely in China. Many experts believe that even if there’s an official ruling, the government will still keep major mining operations going under the radar. Despite the Chinese government having a very negative stance on cryptocurrencies, it’s completely obvious that China is very interested in blockchain technology and the possibilities offered by cryptocurrencies.
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Friday December 14, 2018
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