The article says (among other things) that electricity is cheaper in China than in the US, setting up a farm costs 5 to 10 times less in China, and the US was the second biggest miner. The last fact suggests a lot of people in the US are able to make money at it -- so those Chinese miners must have been making a killing.
It's a testament to the resilience of the bitcoin network that it continues to work well in what is arguably the worst-case scenario: a massive loss of hashpower over a short period of time.
The worst case scenario would have been China trying to use its hash power majority to to attack the Bitcoin network. Kicking miners out of the dictatorship actually made the network safer in my point of view.
I've been speaking with a few groups looking at the US to rehome their bitcoin operations. There's a few US suppliers in the 2.5c/kWh range for 50mWh+ operations.
Local energy and environmental regs vary but places with low energy prices tend to be pretty amenable in that regard. From a corporate legal perspective it varies. If they're pure miners the issues are BEA/CFIUS compliance, tax structuring, and typical intl. holding issues.
If they're selling shares in their mining proceeds there are other layers involved.
If you know of a place offering 2-3c/kWh or drop me a line!
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[ 5.7 ms ] story [ 23.2 ms ] threadLocal energy and environmental regs vary but places with low energy prices tend to be pretty amenable in that regard. From a corporate legal perspective it varies. If they're pure miners the issues are BEA/CFIUS compliance, tax structuring, and typical intl. holding issues.
If they're selling shares in their mining proceeds there are other layers involved.
If you know of a place offering 2-3c/kWh or drop me a line!