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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.
Bitcoin Miners Navigate Wild And Extreme World Of Power Hunting A Bitcoin mining rig is usually made up of thousands of computers, specially built to run the complex calculations that maintain the cryptocurrency s network
Updated: July 14, 2021 9:35 am IST
Miners also want confidence they won t wake up to news that their business has been outlawed again
One weekend in late June, hundreds of gloomy Bitcoin miners crowded into a luxury hotel in Western China. They had a big problem: Just weeks earlier, the Chinese government banned cryptocurrency mining over concerns about illicit coal mining and underlying financial risks. Now they had to figure out how to move millions of computers out of the country.
Bitcoin Miners Navigate Extreme World of Crypto Power-Hunting bnnbloomberg.ca - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bnnbloomberg.ca Daily Mail and Mail on Sunday newspapers.
Why Bitcoin May Speed Up the Transition to Renewable Energy
FinancialBuzz.com News Commentary
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NEW YORK, May 27, 2021 /PRNewswire/ Earlier this year, Tesla was one of the first major corporations to start accepting bitcoin as payment. Yet, after only a few months, Tesla CEO Elon Musk said on Twitter that the Company has suspended vehicle purchases using the cryptocurrency due to concerns over rapidly increasing use of fossil fuels for bitcoin mining. This has caused the price of bitcoin, and other cryptocurrencies as well, to plummet. The saga continued this week, as Musk revealed that he has talked to North American Bitcoin miners, discussing their commitment to publish current and planned renewable usage. As a result, the price of bitcoin jumped about 4% Monday afternoon. ISW Holdings Inc. (OTC: ISWH), Bitfarms Ltd. (OTC: BFARF), Ault Global Holdings, Inc. (NYSE: DPW), Ozop Energy Solutions, Inc. (OTC: OZSC), Tesla, Inc. (NASDAQ: TSLA