Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China 1

Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China 2

Coinbase 4

China-based bitcoin miners have started to migrate southbound from North China, according to local reports. The operators are having difficulties and are transitioning mining facilities for cheap hydro-powered electricity. Testimonials also show that 64 mining operations in the prefecture in Yunnan have been threatened by local authorities. Sources say a hydropower station discharge sparked a number of investigations throughout the region.

Regional reports disclose that a number of bitcoin mining operations are up and moving from areas in North China to regions in South China. On May 22, news.Bitcoin.com reported on miners in Sichuan China having issues with electrical shortages. More recent news shows that local governments are giving owners of mining operations a hard time again.

Despite some of the issues with shortages and local law enforcement, miners are migrating from thermal powered facilities to hydro-powered operations in China’s southern provinces. 8btc financial columnist, Vincent Teh, details that “20% – 35% of hydropower-powered crypto mining farms are vacant in north China’s Yunnan, Guizhou, [and] Sichuan province.” Teh’s report adds:

For cheaper electricity, Chinese crypto miners often travel long distances or even take risks.

The local reporter discussed the situation with bitcoin miners operating in Sichuan, and he explained that farms in the province are not “saturated and in dire need of mining rigs.” Teh further revealed that when miners up and move operations from North China to South China, the extent of the migration can take anywhere between “10-17 days.” The rain season has started and this means that hydropower will be more plentiful over the next few months. Chinese miners have been migrating back and forth from the North to the South for years.

Additionally, Teh spoke with a Chinese miner named Yang Haolin who explained that in Inner Mongolia and the Xinjiang province, has electricity price around 0.35 Chinese yuan per kilowatt-hour (kWh) or $0.04. In Yunnan, Sichuan province, and Guizhou prices can be about 0.2 Chinese yuan per kWh. “This year is not the same as before,” Haolin stressed.

“Many mining farm owners who have signed annual contracts with thermal power plants choose to default. M21 runs with thermal power produces a profit of five Chinese yuan per day, while produces a profit of 15 Chinese yuan per day with hydro-power.” Haolin also added that he believes most of the migrating bitcoin miners have already left.

Despite the migration efforts in China, the city of Yunnan has been pressuring specific operations that don’t comply with regulatory policies. Hydropower plants are a big industry in Yunnan and Sichuan and a large concentration of bitcoin miners reside in those regions. However, a recent discharge at a power plant has invoked authorities to come into the region and investigate all the operations using large amounts of electrical resources.

In the prefecture in Yunnan, the lawmakers in Dehong are threatening 64 mining operations that are accused of being illegal. The explosion at the Yunnan hydropower station had injured five people and killed six individuals. Word on the street is Yunnan and Sichuan leaders will crackdown on illegal mining operations that have skipped out from asking permission from local authorities.

What do you think about the bitcoin miner migration from North China to South China? Let us know what you think in the comments below.

Tags in this story
BCH, Bitcoin, bitcoin cash, BTC, China, China Mining Operations, chinese miners, Cryptocurrency, Guizhou, Migration, Mining Operations, mining rigs, North China, Sichuan mining, sichuan province, South China, Yunnan

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

Read disclaimer

Chinese Government Crackdowns and Cheap Hydropower- Miners Migrate from North to South China 3
blank
About the author

E-Crypto News was developed to assist all cryptocurrency investors in developing profitable cryptocurrency portfolios through the provision of timely and much-needed information. Investments in cryptocurrency require a level of detail, sensitivity, and accuracy that isn’t required in any other market and as such, we’ve developed our databases to help fill in information gaps.

Related Posts

blank

E-Crypto News Executive Interviews


blank

bitcoin
Bitcoin (BTC) $ 39,798.00
ethereum
Ethereum (ETH) $ 2,644.37
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 335.60
cardano
Cardano (ADA) $ 1.33
xrp
XRP (XRP) $ 0.753292
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.206342
polkadot
Polkadot (DOT) $ 18.34
binance-usd
Binance USD (BUSD) $ 1.00
USD
EUR
GBP
bitcoinBitcoin (BTC)
$ 39,798.00
ethereumEthereum (ETH)
$ 2,644.37
tetherTether (USDT)
$ 1.00
bitcoin-cashBitcoin Cash (BCH)
$ 558.09
litecoinLitecoin (LTC)
$ 144.34
bitcoinBitcoin (BTC)
33.536,70
ethereumEthereum (ETH)
2.228,34
tetherTether (USDT)
0,842673
bitcoin-cashBitcoin Cash (BCH)
470,29
litecoinLitecoin (LTC)
121,63
bitcoinBitcoin (BTC)
28,621.37
ethereumEthereum (ETH)
1,901.74
tetherTether (USDT)
0.719166
bitcoin-cashBitcoin Cash (BCH)
401.36
litecoinLitecoin (LTC)
103.80

Automated trading with HaasBot Crypto Trading Bots

Crypto Scams

blank
The World’s Most Infamous Crypto Hacks and Scams
July 31, 2021
Cryptocurrency Exchanges
Cryptocurrency Exchanges and the Plague of Scams and Bans
June 29, 2021
blank
What Role Do Cryptocurrencies Play In The Era Of Ransomware Attacks?
June 9, 2021
Crypto Scams On The Rise As Market Enters Bull Cycle
Crypto Scams On The Rise As Market Enters Bull Cycle
December 22, 2020
Harpreet Singh Sahni perpetrated the Plus Gold Union Coin (PGUC) scam
Sydney Concert Promoter Harpreet Sahni Involved In $50M Crypto PGUC Scam
November 2, 2020

Blockchain/Cryptocurrency Questions and Answers

Short-Sell Cryptocurrency
How to Short-Sell Cryptocurrency: A Brief Overview
July 17, 2021
Klaytn
What Is Klaytn (KLAY) And How Does It Work?
July 16, 2021
Cryptocurrencies
Our Crypto Roundup Interview Asks- Do Cryptocurrencies Have a Future?
July 15, 2021
Solana
What Is Solana (SOL) And How Does It Work?
June 26, 2021
blank
What Is Plethori Platform And How Does It Work?
June 12, 2021


CryptoCurrencyUSDChange 1hChange 24hChange 7d

bitcoin
Bitcoin (BTC) $ 39,509.00
ethereum
Ethereum (ETH) $ 2,634.04
tether
Tether (USDT) $ 1.00
binance-coin
Binance Coin (BNB) $ 332.40
cardano
Cardano (ADA) $ 1.32
xrp
XRP (XRP) $ 0.742194
usd-coin
USD Coin (USDC) $ 1.00
dogecoin
Dogecoin (DOGE) $ 0.205231
polkadot
Polkadot (DOT) $ 18.30
binance-usd
Binance USD (BUSD) $ 1.00