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> Yes, there is a concentration of mining power in China, owed to their low costs of electricity. It's actually due more to the low costs of building a datacen
by toomim 10y ago
> Yes, there is a concentration of mining power in China, owed to their low costs of electricity.
It's actually due more to the low costs of building a datacenter. The electricity prices in WA state, for example, are lower.
- joe_the_user 10y agoI don't know a huge amount about bitcoin but I know that China has a large number of wealthy individuals wanting to move capital out of the country in various ways. Turning influence or Renminbi into power, turning that power into bitcoins and then into dollars/Western currency would look like a good deal to a significant number of people regardless of the exact rate.
- placeybordeaux 10y agoI have assumed that this is the basic story. Bitcoin has provided a way to move funds out of China, and has provided a place to store value that can't be easily seized by law enforcement.