Reuters
Analysis: Limited capacity, difficult logistics to slow Chinese bitcoin miners’ global shift
Large bitcoin miners fleeing China to escape a state crackdown will take many months to start operating again, as data centres from Texas to Siberia scramble to secure space and power for them, while many smaller players may struggle to move at all. Bitcoin is created or “mined” by high-powered computers usually at data centres in different parts of the world, competing to solve complex mathematical puzzles in a process that makes intensive use of electricity. The industry in China, which accounted for as much as 70% of the world’s capacity, is in disarray after the State Council, or cabinet, announced a crackdown on bitcoin trading and mining in late May targeting financial risks.