• About
  • FAQ
  • Landing Page
  • Buy JNews
Newsletter
Crypto News
Advertisement
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
  • Home
    • Home – Layout 1
    • Home – Layout 2
    • Home – Layout 3
  • Bitcoin
  • Ethereum
  • Regulation
  • Market
  • Blockchain
  • Business
  • Guide
  • Contact Us
No Result
View All Result
Crypto News
No Result
View All Result

Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the ‘Biggest Developments’

by
December 31, 2020
in Uncategorized
0
Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the ‘Biggest Developments’
189
SHARES
1.5k
VIEWS
Share on FacebookShare on Twitter

China has the largest concentration of bitcoin miners worldwide with estimates noting the country captures anywhere between 50-65% of the global hashrate. Xinjiang, the autonomous region of the People’s Republic of China, ostensibly accommodates 35% of the hashrate. This week a regional report from China and statements from the head of operations at Genesis Mining, indicate that Chinese miners are migrating from the area to Nordic countries like Sweden and Norway.

Related articles

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

April 15, 2021

Non-Fungible Flicks Coming Soon on a Blockchain Near You

April 15, 2021

Just recently, news.Bitcoin.com, reported on the electrical issues in China that bitcoin miners in the country are currently dealing with due to the shortage of coal. In the report, it noted that the Cambridge Bitcoin Electricity Consumption Index (CBECI) map shows China still commands 65% of the hashrate today. However, a team member from the Cambridge Centre for Alternative Finance (CCAF) explained to news.Bitcoin.com that the CBECI map is not up-to-date and will be updated in 2021.

Back in July, it was said that China was steadily losing its concentration of bitcoin hashpower and the country dropped to 50%. The hashrate report written by Bitooda said the U.S. bitcoin mining capacity had jumped to 14% in recent months. Iran accounts for 8%, Canada, 7%, Iceland 2%, and Russia and Kazakhstan also command 8% of the world’s hashrate too.

On December 30, 2020, the financial columnist from 8btc, Iyke Aru, explains that Chinese bitcoin miners are moving from China to Nordic countries.

Aru details that in the early days, bitcoin miners in China enjoyed the lack of regulations and extremely cheap electrical rates from the country. In recent years, however, Aru says that China’s communist government has deployed “regulatory agencies” and “strict measures towards cryptocurrencies” and mining operations in China have been affected.

“Bitcoin mining is gradually shifting base,” Aru’s report notes. “From being concentrated in China, miners have started a gradual but steady migrating to countries that present more friendly conditions for their industry.”

Philip Salter, head of operations at Genesis Mining has corroborated Aru’s statements in regard to Chinese miners moving to the Nordics. Salter stressed that China’s miner migration is one of the “biggest developments” in the bitcoin industry right now. The head of operations at Genesis Mining said that the movement is due to miners seeking out financial safety and “political stability.”

“There is a very important strategic shift away from mining in China to mining in western countries like Sweden as Bitcoin investors become more public and want more stability and critical safety,” Salter detailed.

Aru’s report goes on to highlight the recent electrical struggles Chinese bitcoin miners from Yunnan province have been dealing with in recent times. Moreover, because China has banned cryptocurrency exchanges, it has “complicated issues for miners, who cannot easily convert their mined Bitcoins into fiat in order to pay for services such as electricity.”

In Nordic countries, Aru says that Chinese operations are attracted to “eco-friendly green energy.” The benefits from countries like Sweden and Norway in contrast to China, alongside the complications from the communist government, is “pushing bitcoin miners away from China,” Aru’s report concludes.

What do you think about Chinese bitcoin miners migrating to Nordic countries like Sweden and Norway for friendlier mining environments? Let us know what you think about this subject in the comments section below.

The post Chinese Miners Migrate to Nordic Regions, Mining Exec Says Hashrate Migration One of the ‘Biggest Developments’ appeared first on Bitcoin News.

Share76Tweet47

Related Posts

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

by
April 15, 2021
0

A group of Spaniards filed the first crypto-related class-action lawsuit before the National Court of Spain on an alleged million-dollar...

Non-Fungible Flicks Coming Soon on a Blockchain Near You

by
April 15, 2021
0

Non-fungible tokens are not just limited to art and collectibles. They can be applied to anything to make it unique,...

Secret Network (SCRT) Launches Its Secret NFTs

by
April 15, 2021
0

Exciting updates abound as Secret Network discloses details of its Secret NFTs as well as the completion of its reference...

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

by
April 15, 2021
0

The NFT space has had a record-breaking first quarter with a multitude of high-profile sales. Most notable was Beeple’s The...

Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

by
April 15, 2021
0

Whether it was capital being moved from Bitcoin into COIN during its stock market debut or if it was a...

Load More
  • Trending
  • Comments
  • Latest
Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

Grayscale’s Crypto Assets Under Management Soar Past $30 Billion — ‘Institutions Are Here’

February 6, 2021
Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

Grayscale Investments Buys more ETH as Ethereum Price Shoots to New All-Time High of over $1550

February 3, 2021

Mark Cuban Invests in Mintable

March 6, 2021
Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

Only 5% of Financial Executives Want to Invest in Bitcoin in 2021, According to Survey

February 17, 2021

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

0

China Is Reportedly Moving To Clamp Down On Bitcoin Miners

0

Inside the Chinese Bitcoin Mine That’s Grossing $1.5M a Month

0

All You Need to Know About This Whole SegWit vs. SegWit2x Thing

0

Investors File Class Action Lawsuit Before the National Court of Spain Over an Alleged $298M Crypto Scam

April 15, 2021

Non-Fungible Flicks Coming Soon on a Blockchain Near You

April 15, 2021

Secret Network (SCRT) Launches Its Secret NFTs

April 15, 2021

Has The NFT Bubble Popped? Prices Down 65% While Ecologists Sharpen Knives

April 15, 2021
Crypto News

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Categories tes

  • Aave (AAVE)
  • Abra
  • Alt Season
  • altcoin
  • Altcoin Market Cap
  • Altcoin News
  • altcoin prices
  • altcoins
  • Altseason
  • Barstool Sports
  • Basic Attention Token (BAT)
  • Binance
  • Binance (BNB) News
  • Binance Coin (BNB)
  • Binance Ecosystem
  • Binance Smart Chain
  • Binance Smart Chain (BSC)
  • bitcoin
  • Bitcoin
  • Bitcoin (BTC) Adoption
  • Bitcoin (BTC) General News
  • Bitcoin (BTC) News
  • Bitcoin (BTC) Predictions
  • Bitcoin Cash (BCH)
  • Bitcoin Cash (BCH) General News
  • Bitcoin dominance
  • Bitcoin ETF
  • Bitcoin Futures
  • Bitcoin Miners
  • bitcoin network
  • Bitcoin Options
  • Bitcoin price
  • Bitcoin SV (BSV)
  • Bitfinex
  • BitGo
  • Bitstamp
  • Bittrex
  • Blockchain
  • Blockchain News
  • bloomberg
  • Brad Garlinghouse
  • Business
  • Cameron Winklevoss
  • Cardano (ADA)
  • Cardano Upgrade
  • Cash app
  • CFTC
  • ChainLink
  • ChainLink (LINK)
  • Chainlink (LINK) News
  • Chainlink Community
  • Chainlink Oracles
  • Chainlink Price Prediction
  • Changpeng Zhao
  • Charles Hoskinson
  • charlie lee
  • CME Ethereum Futures
  • CME Group
  • coinbase
  • Coinbase (COIN)
  • Coinmarketcap
  • Commodity Futures Trading Commission
  • Consensys
  • Craig Wright
  • Crypto Exchanges
  • cryptocurrency
  • Dash (DASH)
  • Dave Portnoy
  • Decentraland (MANA)
  • DeFi
  • DeFi Pulse
  • Deribit
  • Dogecoin (DOGE)
  • Electric Coin Company
  • Elon Musk
  • ETH 2.0
  • ETH2.0
  • Ethereum
  • Ethereum (ETH)
  • Ethereum (ETH) News
  • Ethereum 2.0
  • Ethereum Classic (ETC)
  • Ethereum Fees
  • Ethereum Futures
  • Ethereum Miners
  • Ethereum Network
  • ethereum price
  • Ethereum price analysis
  • Ethereum Staking
  • Ethereum Upgrade
  • Ethereum Upgrades
  • Filecoin (FIL)
  • Flare Networks
  • Flare Networks Snapshot
  • Gemini
  • google
  • Grayscale
  • Grayscale Bitcoin Trust (GBTC)
  • Grayscale Ethereum Trust (ETHE)
  • Grayscale Investments
  • Guide
  • Guides
  • Huobi
  • Institutional Investors
  • jack dorsey
  • Jay Z
  • justin sun
  • JustSwap
  • LINK Marines
  • Litecoin
  • Litecoin (LINK)
  • Litecoin (LTC)
  • Litecoin (LTC) News
  • Litecoin Development
  • litecoin foundation
  • Litecoin MimbleWimble
  • Maker (MKR)
  • Market
  • Michael Saylor
  • MicroStrategy
  • MimbleWimble
  • Mining
  • Monero (XMR)
  • Moneygram
  • Nasdaq
  • News
  • NFT
  • NFTs
  • Non-Fungible Tokens
  • OKECoin
  • Other
  • Pantera Capital
  • Polkadot (DOT)
  • Polkadot Price Analysis
  • Poloniex
  • Prices
  • Regulation
  • ripple
  • Ripple
  • Scams and Hacks
  • sec
  • Securities and Exchange Commission
  • Signal
  • Spark Token (FLR)
  • Spark Token Airdrop
  • Spark Tokens (FLR)
  • Square
  • Stimulus Bill
  • Stimulus Check
  • SushiSwap (SUSHI)
  • Tesla
  • Tether (USDT)
  • tether bitfinex lawsuit
  • Theta Network (THETA)
  • Theta Token
  • Tron (TRX)
  • TRON (TRX) News
  • Tron Foundation
  • Twitter
  • Tyler Winklevoss
  • Uniswap
  • UniSwap (UNI)
  • Wallets and Exchanges
  • WallStreetBets
  • Weiss Ratings
  • WhatsApp
  • World
  • Wrapped Bitcoin (WBTC)
  • XRP
  • XRP Army
  • XRP News
  • XRP Price Prediction
  • Yearn Finance (YFI)
  • Youtube
  • Zcash (ZEC)
  • ZCash Halving
  • Zeus Capital
  • Zilliqa (ZIL)
  • Zilliqa (ZIL) News
  • Zilliqa Staking

Tags

Altcoin Bitcoin drops Bitcoin Wallet Cointelegraph Cryptocurrency ICO Investment Lending Market Stories Mining Bitcoin

Newsletter

[mc4wp_form]

  • About
  • FAQ
  • Support Forum
  • Landing Page
  • Buy JNews
  • Contact Us

© 2017 JNews - Crafted with love by Jegtheme.

No Result
View All Result
  • Contact Us
  • Homepages
  • Business
  • Guide

© 2018 JNews by Jegtheme.