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Mining Nomads: Chinese Miners Move to Other Countries Due to Ban
A few days ago, China stepped up sanctions and bans related to bitcoin. In fact, the Asian giant banned all transactions related to bitcoin, including of course mining. This was a severe blow to the thousands of bitcoin farms that made life in this country.
With the ban on cryptocurrencies in the country, it caused the Chinese miners to decide to become "nomads" in order to continue with the business. In this way, Chinese miners have been migrating to different countries, the most popular being the United States and Canada.
A problem that is not new
The important to mention that the problem of migration of miners from China does not come from the announcement of the bans. Gradually there has been a decrease in miners in this country and this has happened since the country began to tighten controls for mining and transactions with cryptocurrencies.
Eventually, when the ban was announced, the miners started moving much faster.
Let's remember that at some point, China was the country with the largest number of miners in the world. In fact, the country came to provide around 70% of the world's mining power.
This was due to numerous factors, especially which country was producing computers en masse. And many them end up being used for bitcoin mining.
The countries most in demand by Chinese miners
The miners who are migrating from China have gone to different countries of the world. This in order to find one that offers better conditions.
Next, we will tell you which are the countries preferred by Chinese miners to move their mining farms.
USA
Although it may seem hard to believe, the United States has become one of the most popular destinations for Chinese miners.
The US government maintains a neutral stance on cryptocurrencies, which is why it has become a good place to do this.
The country's electricity rates are acceptable for many miners who have ended up being eradicated in that country.
Of course, the process is not easy at all, so the number of migrants who choose this destination is not too large.
Canada
Canada is a country that has a flexible stance on cryptocurrencies.
While these are not prohibited, they are not entirely legal either, but it has not stopped Chinese miners from coming to the country in search of opportunities.
There are several places in Canada that are perfect for miners due to weather and electricity costs. Unfortunately, as with the United States, the process to migrate to this country is not easy.
Kazakhstan
This is the neighboring country of China, so it is logical that a good number of people bet on it. And it is that added to its proximity, this country offers relatively cheap energy compared to other options.
Although the government has tried on some occasions to impose limitations on mining, this has not worked.
Miners in this country are allowed, as long as they do not represent a problem for the electrical system. Thousands of Chinese mining farms have ended up in the territory, however, for various reasons, their future is quite uncertain.
The Savior
With the recent legalization of bitcoin in the country, some Chinese miners have set their eyes on this Central American country.
In fact, the government encourages the installation of miners in the country by offering cheap energy from volcanic activity in the country. With this you get clean and renewable energy at a very good price.
This has meant that some have begun to migrate to this country in small numbers. Although this may not be such an attractive option, at least for now, this could change in the future.
Argentina
Argentina is the Latin American country that has attracted the most attention from miners, not only the Chinese, but from all over the world.
Although there are some projects that are underway in this country, there is still a long way to go to make it a perfect destination for miners.
