Although China has shut down bitcoin trading platforms, its attitude toward bitcoin mining is still ambiguous. Now, 70 percent of the world’s bitcoins are produced in China, especially along the Dadu River, where there is plenty of hydropower.
Chinese companies have jumped on the bandwagon of bitcoin mining, either under the guise of cloud computing or providing mining hosting services, in an effort to bypass regulations.
The wet season in Sichuan can drop electricity costs, and therefore bitcoin mining costs, dramatically. But according to insiders, there is currently more supply than demand in the mining market.
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