Technology Bitcoin Miners Are Shifting Outside China Amid Clampdown

14:00  06 january  2018
14:00  06 january  2018 Source:   bloomberg.com

Toronto councillor wants to allow Bitcoin property tax payments

  Toronto councillor wants to allow Bitcoin property tax payments Toronto councillor wants to allow Bitcoin property tax payments Kelly (Ward 40 Scarborough-Agincourt) wants the city to study whether Toronto residents should be able to use cryptocurrency, the electronic currency of which Bitcoin is the most well-known, to pay bills such as property taxes, parking tickets and land transfer taxes.

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

A technician exits a warehouse containing bitcoin mining machines at a mining facility operated by Bitmain Technologies Ltd. in Ordos, Inner Mongolia, China, on Friday, Aug. 11, 2017. Bitmain is one of the leading producers of bitcoin-mining equipment and also runs Antpool, a processing pool that combines individual miners from China and other countries, in addition to operating one of the largest digital currency mines in the world.: Inside Bitmain Technologies Ltd.'s Bitcoin Mine© Bloomberg/Bloomberg Inside Bitmain Technologies Ltd.'s Bitcoin Mine (Bloomberg) -- As China’s crackdown on cryptocurrencies broadens to bitcoin miners, some of the industry’s biggest players are shifting operations overseas.

Bitmain, which runs China’s two largest bitcoin-mining collectives, is setting up regional headquarters in Singapore and now has mining operations in the U.S. and Canada, Wu Jihan, the company’s co-founder, said in an interview. BTC.Top, the third-biggest mining pool, is opening a facility in Canada and ViaBTC, ranked No. 4, has operations in Iceland and America, their founders said.

Singapore central bank head hopes cryptocurrency tech will survive 'crash'

  Singapore central bank head hopes cryptocurrency tech will survive 'crash' The head of Singapore's central bank said on Monday he hoped the technologies underpinning cryptocurrencies such as blockchain would not be undermined by an eventual crash in the digital money. The city-state has been positioning itself as a hub for fintech - or financial technology - but has urged "extreme caution" about buying cryptocurrencies.

(Bloomberg) -- As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are already shifting operations overseas. Bitmain, which runs China ’s two largest bitcoin -mining collectives

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

The moves underscore how China’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down.

After banning initial coin offerings and calling on local exchanges to halt virtual currency trading last year, Chinese authorities outlined proposals this week to discourage bitcoin mining -- the computing process that makes transactions with the cryptocurrency possible. Officials plan to limit the industry’s power use and have asked local governments to guide miners toward an “orderly” exit from the business, people familiar with the matter said.

While the moves are unlikely to have a noticeable effect on bitcoin transaction speeds, they could reshape the cryptocurrency mining industry. Miners have until recently flocked to China because of the country’s inexpensive electricity, local chipmaking factories and cheap labor. They now have little choice but to look elsewhere.

Chinese bitcoin miners eye sites in energy-rich Canada

  Chinese bitcoin miners eye sites in energy-rich Canada <p>China's Bitmain Technologies is eyeing bitcoin mining sites in Quebec</p>China has grown into one of the world's biggest sources of cryptocurrency mining but there are signs Beijing is increasing scrutiny of the sector's players and may ask local authorities to regulate their power use. Bitmain Technologies, operator of some of the largest mining farms in the country, is among several companies looking to expand overseas.

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

As China ’s crackdown on cryptocurrencies broadens to bitcoin miners , some of the industry’s biggest players are shifting operations overseas. The moves underscore how China ’s once-dominant role in the world of cryptocurrencies is shrinking as policy makers clamp down .

“We chose Canada because of the relatively cheap cost, and the stability of the country and policies,” Jiang Zhuoer, founder of BTC.Top, said in an interview. He also considered locations in Iran and Russia.

Bloomberg News reported the Chinese government’s planned curbs on Wednesday. The People’s Bank of China didn’t respond to faxed requests for comment.

Bitcoin, which surged 15-fold last year, climbed about 6 percent at 5:32 a.m. New York time (January 5).

Bitcoin: Don’t Say You Weren’t Warned .
Leading financial figures across the world have issued a series of sober warnings about Bitcoin.This is all the more impressive given how difficult it is to purchase and store Bitcoin—at least, relative to buying stocks or bonds or CDs or most traditional financial products.

—   Share news in the SOC. Networks

Topical videos:

This is interesting!