Bitcoin Miners Flee Mongolia Before the Mining Ban

I don't know if you guys heard but many bitcoin miners are if already haven't, flee from Mongolia before the mining ban. You see inner Mongolia was a "must go" place for mining as well as China in general.

To understand the size of it, China from 2019 to 2020 produced 71.7% and Inner Mongolia 7.71% of the world’s hashrate for bitcoin and that's something the Cambridge Centre for Alternative Finance is saying.

Now the government of Mongolia basically said to the miners to get out and that they have 1 month to do so. The reason is to achieve new carbon-reduction goals set by the national government.

Now that's happening because Mongolia crypto farms run on coal-powered electricity while in many other places in China in hydroelectricity. Now i don't we will ever know the real reasons behind that but what is promoted is that China wants to halt the rise in its carbon emissions by 2030.

Some crypto miners moved to other Chinese providence and some in other countries like Russia, Iran, Malaysia among others. I am really curious to see how this will play out because hydroelectricity may be "unlimited" and "cheap" but it's not stable. It really depends among other factors on the weather itself and we know that up until now we can change the weather to our likes!

I am really curious to see if we get somehow the chance, the earnings of these miners when they moved their operations. I want to see a comparison of their profits from inner Mongolia and coal-powered electricity and the country/city plus method they chose.

Before i close this post i know that coal mining as far as it concerns everyday people and workers it's not good for their health. I don't know if It may be more profitable for the crypto-miners but we should have as a priority the health of our people!

What Do you think about that?

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