⛏ Chinese Miners seek refuge as government policies change

Recent reports have unveiled that bitcoin mining businesses are set to be phased out in Xinjiang as local governments along the Yangtze River have begun to regulate small hydropower plants, home to over 40,000 miners. These most favored places like Xinjiang and Sichuan are losing attraction for domestic miners as a result of policy instability. Chinese miners are migrating to anywhere with cheap electricity and favorable policy. Large mines have moved their operations overseas with Canada, the U.S., and Iceland among their top candidates, whilst most small and medium-sized ones turn to Thailand, Cambodia, and Vietnam due to geographical proximity. Others have decided to simply shut down their mining business.

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