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RE: China Banned Bitcoin Mining | Lets Take A Look At Bitcoin Hash Rate Data

in LeoFinance4 years ago

A major reason for this has to do with the integration of the power grid in China. Now that the grid is more connected the miners are directly competing for power with other industries which the government does not want. Previously the miners were tapping into stranded power generation which would have been wasted otherwise. Some local government officials were also making money under the table off of selling electricity to mining farms and the central authorities are also cracking down on that.