That’s forcing them to look into moving to other countries, with Canada attracting a lot of interest. Unlike traditional currencies like the dollar, the creation of bitcoin isn’t controlled by central banks.
Instead, it’s “mined” by computer algorithms that solve increasingly complex math problems. People can earn money unearthing cryptocurrencies from the digital deep by running the mining software on computer systems of varying sizes, a process that requires a lot of electricity. About 60% of all cryptocurrency mining takes place in China, according to a study last year by the University of Cambridge.
The country is a good fit for the activity because of the cheap electricity and land available in provincial areas. But the industry is feeling unwelcome these days.
“It’s a hard time for the mining business in China,” said Jack Liao, who owns several bitcoin mines in the country. He said in a recent interview with CNNMoney that he’s thinking about moving some of his operations overseas, with Canada, the U.S. and Iceland among the top candidates. Read more from money.cnn.com…
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