Chinese Bitcoin Miners Pressured to Reduce Operations Due to Electricity Shortages

[Thekingcallme 1975]

I think mining has become difficult at this point and miners in China are suffering from stress and lack of electricity, but perhaps they can go elsewhere where electricity is available and at an affordable price.

[Captain Karim 0]

This is very interesting, and it seems that all Chinese families are mining Bitcoin. I read in a previous article that the largest proportion of Bitcoin is mining in China and the cost there is less than the rest of the countries. Well who owns cheap electricity Why does not mining Bitcoin?

[CryptoMaxim 2372]

On 31.12.2019 at 13:33, Kuroashii said:

This is the biggest issue when it comes to mining...too much electricity is needed here. If they really build a certain mining site, they should produce their own electricity so other people will not be disturbed.

They do not have small farms, so the income is large. If they do not have enough state electricity, then they should put Autonomous sources with such income from mining. Profit will allow them to do this.

[Rezort 846]

In some way it might be good because Chinese traders were taking a big part of the cryptocurrency market, so now it might be a good replacement by other countries.

[Nezar 7169]

The big problem facing mining operations is the large drainage of smuggled energy and this has caused China to shut down many large mining farms, so it is better to use alternative energy such as solar energy for mining operations.

[Shaza Ahmad 1682]

This is really weird! Electricity shortage in China! China is a developed industrial country and consumes electricity on an entire continent for industrial purposes, so how can a shortage of electricity occur in China?

[Ridam 7455]

Electricity shortage in china? Really bro i don't think so. May be you heard something wrong or something else but as miners are mining so much btc per day in China i don't think due to electricity problem they are facing the issues.

[magd 5231]

Solutions have been found to the problem of electrical energy and I do not think it is still a difficult problem because the huge mining farm has become dependent on solar energy, and through it the batteries of cars that give electricity in the event of a technical malfunction occur and this method relieved the pressure on the electricity networks

[Zaino34 0]

This is a big problem related to mining. These companies must find alternative ways of energy other than electric energy to reduce electricity consumption, such as using solar energy in mining farms instead of electricity, so mining is more profitable.

[Omar Ommeish 4872]

On 12/31/2019 at 11:33 AM, Kuroashii said:

This is the biggest issue when it comes to mining...too much electricity is needed here. If they really build a certain mining site, they should produce their own electricity so other people will not be disturbed.

You are right, but there are many sources of energy that can provide them with electricity and be an alternative to the electricity that they take from their country because they can generate electricity from air or water.

[bitcoin-shark 1928]

Not even the halving  that is the reduced rewards has come out to decrease the number of miners in China, however this problem of electricity could be serious I believe that in any case the government will not force miners to turn off the computer as it also earns from them directly with the cost of energy and also with taxes

[Virgil dijk 1431]

For sure mining consumes alot of electricity and without electricity mining won't take place, this break down will have a slight effect on bitcoin, because if the mining of bitcoin is being suspended this means much bitcoin won't be produce in China and this will make the supplies to reduce and demand will become higher.

[CryptoLover21 0]

This is very sad news for all Chinese miners, but I don't think china will do this without reason because china accepts technology very fast and very good in computer skills. There might be issue with miners for running machine illegally without making any documents and doing illegal activities like money laundering and tax evasion.

[Raqeebzy 6456]

I see there is more to this other than electricity shortage. China uses renewable source of energy, so it's almost impossible for shortage of it. The electricity cost is much cheaper compared to even country like US (the reason mining is being adopted massively). I don't know what else might be behind this but we always know China making moves against bitcon.

Edited June 12, 2020 by Raqeebzy

[TimopheyKa 3900]

Yes, it is very obvious! Because China is a very active country in cryptocurrency mining, and the problem is that there is a big decline because of this. It seems to me that after the release of the crypto yuan, mining in China will become a whole job!

[Cryptomint 433]

Yes this is the right issue which comes up with mining that is electricity issue. Miners can survive with the continuously provided electricity.

[percare 3192]

There is a time when electricity is very cheap in China during rain season in Autumn and electricity is produce and costs close to zero price with dams producing too much, this is in October and now ended. The cost rises after that and miners stop many machines from running. This happened again this year and the hash-rate dropped a lot the last few days.

[Sykkuno 2887]

I didn't know that bitcoin mining was also banned in china. Then how was Bitmain operating and had offices even in Beijing. I seriously think that mining was not banned. It was the use of Bitcoin that was banned in 2017 by China. And what I know is that there is no pressure to reduce operations.

[Mwangi 5611]

Taking on this news its important we are able to understand that its the truth , because China is a country that has so many industries and the consumption of energy is always high so the population does not make it easy , say for example, china has a population of 1.2 Billion people ,  and in china you are only allowed to have one child, so look at it this way , 1.2 billion only means that there are about 400 Million homes, which is a huge number a very huge number and we need to take that as a very huge task to put up every house on the grid and to satisfy the high demand in industrial parks  that is really painful

[bogdanoff 3173]

I read that mining is allowed in China but there are some miners that try to steal electricity no matter how cheap it is, and do that to increase their profits. The legal miners in China dont have this pressure to reduce mining. During the coronavirus there was one mining facility shut down by the government but nothing else.

[yonkii 3205]

I think that China should relax a little with all the restrictions and allow the chinese miners to breath. These poor people are only trying to help with the network of bitcoin and get something back as a reward. They have put everything they have in blockchain and in Bitcoin and they are trying to survive.

[annayks 2314]

I don't know how much of this was real as I don't remember any pressure on chinese miners to reduce their operations. I think there was something about rogue miners operating illegally but most of the pools and miners in China are legal and they are given a lot of independence from their government.

[Mella 3680]

This is news from last year but the China is still very strict with Bitcoin and I am hope they are finally change this bad attetude to the crypt and allow it to be legal in the Chinese border. It is very bad for China and only make them look like a nation that is not one of the free but a very closed and controlled. I am hope Bitcoin will change them to the better.

[Snow2020 113]

Yes, I knew that at the end of 2019, there was an energy shortage in China, and this caused that the users who mined were forced to lower their energy costs, if in itself, it was not how much they produced, if it generated a imbalance in your finances but I think this point is already solved.

[Moaz 7239]

That's right, one of the biggest problems of Bitcoin mining is its need for large amounts of electrical power, and I think it is natural for the Chinese government to pursue some mining companies that illegally consume electrical energy.