Chinese miners began to leave the country under pressure from the authorities

Largest Chinese mining equipment manufacturer Bitmain has started transferring its facilities outside the country. According to co-founder of Bitmain Jihan Wu, the company has already opened headquarters in Singapore, and launched mining operations in the United States and Canada. It is reported Bloomberg.

In addition, the third-largest in China mining pool opened a division in Canada. Another large pool, ViaBTC, opened branches in Iceland and the United States. Such measures are caused by increased pressure the Chinese authorities to kriptonyte.

So, already last year, the authorities banned the primary supply of coins, after which more than 90% of the local ICO startups has returned funds to investors. Moreover, closed major cryptocurrency exchanges in China.

This week the government has put forward several proposals designed to limit the exponential growth of the mining industry. So, some officials proposed to limit the power consumption in the industry and ask the local authority “to direct miners towards a planned exit from the business.”

“We chose Canada because of its relatively low cost [of electricity] and stability policy of this country. We also saw Iran and Russia”, — said the founder of the BTC.Top Jiang Jur.


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