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Chinese miners start to consider moving to other countries

12.01.2018   |  in Regulation   |  in Regulation   |   162
Chinese miners start to consider moving to other countries

The Chinese authorities are not exactly interested in further development of the cryptocurrency market in their country, contrary to the more careful Russian President who still does not see anything physical backing the value of cryptocoins. While the Chinese miners previously demonstrated interest in Russian regions with cheap power, now that the pressure of their government increases, they start to consider more countries - some reports indicate they would like to settle in Canada, and some make steps towards expansion to Switzerland.

Since its ban of ICOs, the Chinese government did not stop to pressure on the cryptocurrency market in the country, later banning exchanges. There was a case in Sichuan where the local authorities went ahead of the central government and expressed dissatisfaction with miners using massive amounts of power.

Meanwhile in Russia, the government of which is quite similarly conservative when it comes to legislation, local wealthy businessmen bought several power plants to use them for mining in the future - but they prefer to hold such operations before the arrival of the local law on cryptocurrencies (will be implemented either in February or March this year). Also, the businessman connected to the deal tells he might choose another Russian region for mining and use that plants for simple data centers instead.

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