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> Miners are looking to profit. This is true in a sense, but a majority of the mining is done by Chinese pools which do sell at a loss to the electricity costs
by mynameislegion 10y ago
> Miners are looking to profit.
This is true in a sense, but a majority of the mining is done by Chinese pools which do sell at a loss to the electricity costs even there. The losses are acceptable because it is used as a way to get currency out of the country.
- api 10y agoChinese capital controls seem to be distorting all kinds of markets. Around here (SoCal) I've heard of Chinese "investors" buying houses at 5-10% over asking sight unseen and not caring about possible depreciation because it's a way to get money out of China. Losses as high as 25% are apparently acceptable to some people looking to get past capital controls.
- joosters 10y agoA majority, you say? Where's your evidence of this, or are you making stuff up? Bitcoin is certainly one way to get money out of China, but there has never been a shortage of ways to do that: http://ftalphaville.ft.com/files/2016/03/Screen-Shot-2016-03-03-at-13.54.37.png http://ftalphaville.ft.com/files/2016/03/Screen-Shot-2016-03...