by Tyler Durden
After the Chinese government banned cryptocurrency mining in last month,
hundreds of fellow miners gathered in a luxury hotel in Western China to discuss their next steps; specifically - where to find abundant, reliable, and
cheap electricity to power their sprawling operations, according to
Bloomberg.
The miners sat in rows of white chairs in a hall at the Gran Melia Chengdu Hotel and listened intently to the executives at Bitmain Technologies Ltd., the world’s largest mining-equipment maker. In between presentations about Texas energy fundamentals and crypto mining in Kazakhstan, the attendees nibbled cupcakes, drank cocktails
and discussed the dismal outlook for their local industry.