China kicking bitcoin miners out – and where do you think they’re going?

China has long been home to more than half the world’s bitcoin miners, but now, Beijing wants them out ASAP.

In May, the government called for a severe crackdown on bitcoin mining and trading, setting off what’s being dubbed in crypto circles as “the great mining migration.” This exodus is underway now, and it could be a game changer for Texas.

Despite a lack of reserves that caused dayslong blackouts last winter, Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time, with 20% of its power coming from wind as of 2019. It has a deregulated power grid that lets customers choose between power providers, and crucially, its political leaders are very pro-crypto – dream conditions for a miner looking for a kind welcome and cheap energy sources.

And a significant lack of anything approaching ethical and economic standards.

2 thoughts on “China kicking bitcoin miners out – and where do you think they’re going?

  1. Gimme a break says:

    “Here we go again: Texas, climate change and the power grid” https://thehill.com/opinion/energy-environment/559411-here-we-go-again-texas-climate-change-and-the-power-grid
    “This past February, snow, ice and record cold temperatures from Winter Storm Uri caused energy supply to plummet, triggering a cascade of failures that left more than 10 million Texans in the dark before presenting them with tens of billions of dollars in electricity and gas charges systemwide. In all, nearly 30 gigawatts of gas, coal and nuclear were offline during the crisis.
    Last week the challenge was extreme heat rather than cold, but the outcome feels eerily similar: More than 10 gigawatts of mainly fossil-fuel thermal plants were already off-line with forced outages. Consumers are being asked to conserve and, once again, the Texas grid is on the edge of blackouts.”
    “What Is Wrong With the Texas Grid?
    Our electric system can’t deliver the power we need when we need it most. But political leaders don’t seem all that interested in fixing the problem.” https://www.texasmonthly.com/news-politics/what-is-wrong-with-the-texas-grid/

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.