Chinese Miners Began To Leave The Country Owing To The Pressure From The Authorities
Bitmain, the largest Chinese manufacturer of mining hardware, began shifting its facilities outside the country. According to Bitmain co-founder Jihan Wu, the company has already opened a the main office in Singapore, and has also launched mining operations in the US and Canada.
In addition, the third largest in China mining-pool BTC.top opened a unit in Canada. Another large pool, ViaBTC, opened affiliate in Iceland and the USA. Such measures are caused by the increased pressure of the Chinese authorities on the cryptocurrency industry.
So, the authorities banned the primary supply of coins during last year. More than 90% of the local ICO startups has returned funds to investors. Moreover, major cryptocurrency exchanges in China have closed.
This week, the government announced several proposals designed to limit the exponential growth of the mining industry. So, some officials suggested limiting the energy consumption in this industry and asking local departments to "direct the miners towards systematic exit from business."
"We chose Canada because of the relatively low costs [of electricity] and the stability of this country's policy. We also considered Iran and Russia, "said co-founder of BTC.Top, Jiang Zhuoer.