Meet Bitcoin Mining Capital In The Making - Chinese Province Sichuan Sichuan, a province of China, is transforming into a global Bitcoin mining capital primarily due to its cheap electricity, low population density and cold climate. China’s southwestern provinces, such as Sichuan, are seeing an exponential growth of Bitcoin mining facilities and centers as companies continue to search for mountainous regions with high altitude to cool down mining equipment without allocating additional resources. According to major local publications, including the China Money Network, more than 20 mining companies and 10,000 Bitcoin miners are located within Sichuan’s Mabian Yi Autonomous County, a cold and mountainous region with just over 215,000 residents and Kangding, a region within Sichuan well known for its natural beauty. Decreasing electricity costs One of the major reasons behind the rapid growth of mining companies within the Sichuan province is the decreasing electricity costs, as mentioned by various respected Bitcoin experts including Andreas Antonopoulos and Chandler Guo in the past. In an interview with Ether.Camp, Bitcoin miner and investor Chandler Guo revealed that electricity in China has become so cheap due to rising supply and decreasing demand that electricity companies are coming to local miners to purchase ASIC chips and mining equipment to allocate unconsumed electricity to Bitcoin mining From the perspective of electricity companies, it is an intelligent and resourceful method of profiting from a surplus of electricity, as they receive Bitcoin in return which is highly liquid especially within a market like China which operates a well developed and regulated Bitcoin exchange market. Guo stated: “Today, the energy companies are jumping on the Bitcoin mining business. Before that, we [miners] bought electricity from them [energy companies] to mine Bitcoin. Today, the seller who is selling electricity to us, they’re mining Bitcoin by themselves. [Energy companies] don’t sell electricity to us, they buy mining equipment from us. A lot of energy companies are becoming Bitcoin miners. Even small energy companies can buy at least 1 to 2 petahashes.” Noise cancellation Another major issue which miners and mining facilities struggle to deal with is noise resulting from high intensity and performance mining equipment. A manager of Mabian Tianjia Network Technology, a Chinese mining company, stated that mining facilities are migrating to remote regions with a limited number of residents so that they won’t have to deal with noise complaints. "This room has 1,500 Bitcoin mining machines, our largest in this location, and can produce nearly 10 Bitcoins every day," said a manager at Tianjia. With a cold climate, very cheap electricity and low population density, remote provinces in China such as Sichuan are transforming themselves into global Bitcoin mining hubs.

West Virginia lawmakers are considering a new bill which would make money laundering in cryptocurrency a criminal offense.

West Virginia House Bill 2585, which has already gained wide support from representatives, is now sitting before the West Virginia House Judiciary Committee for further consideration.

In the text, the bill’s eleven sponsors make specific reference to cryptocurrency as one of the means by which money laundering could occur.

The bill states, “laundering through financial transactions” and “transportation, transmission, or transfer of proceeds” are two areas set to receive additional legislation.

“‘Cryptocurrency’ means digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds and which operates independently of a central bank.”

Also, mooted is forfeiture of any proceeds resulting from asset seizure should parties fall under the jurisdiction of the new laws.

Cryptocurrency assets could thus be legally confiscated by law enforcement.

West Virginia is one of a number of US states tweaking their approach to cryptocurrency at present. Cointelegraph reported this week that California is currently considering a bill which would make it illegal to purchase charity raffle tickets with cryptocurrency in an unusual amendment.

At the same time, North Dakota lawmakers have opted for a general hands-off approach to crypto regulation until the requirements of business in the state become more apparent.

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Terimakasih anda telah membaca artikel tentang Meet Bitcoin Mining Capital In The Making - Chinese Province Sichuan Sichuan, a province of China, is transforming into a global Bitcoin mining capital primarily due to its cheap electricity, low population density and cold climate. China’s southwestern provinces, such as Sichuan, are seeing an exponential growth of Bitcoin mining facilities and centers as companies continue to search for mountainous regions with high altitude to cool down mining equipment without allocating additional resources. According to major local publications, including the China Money Network, more than 20 mining companies and 10,000 Bitcoin miners are located within Sichuan’s Mabian Yi Autonomous County, a cold and mountainous region with just over 215,000 residents and Kangding, a region within Sichuan well known for its natural beauty. Decreasing electricity costs One of the major reasons behind the rapid growth of mining companies within the Sichuan province is the decreasing electricity costs, as mentioned by various respected Bitcoin experts including Andreas Antonopoulos and Chandler Guo in the past. In an interview with Ether.Camp, Bitcoin miner and investor Chandler Guo revealed that electricity in China has become so cheap due to rising supply and decreasing demand that electricity companies are coming to local miners to purchase ASIC chips and mining equipment to allocate unconsumed electricity to Bitcoin mining From the perspective of electricity companies, it is an intelligent and resourceful method of profiting from a surplus of electricity, as they receive Bitcoin in return which is highly liquid especially within a market like China which operates a well developed and regulated Bitcoin exchange market. Guo stated: “Today, the energy companies are jumping on the Bitcoin mining business. Before that, we [miners] bought electricity from them [energy companies] to mine Bitcoin. Today, the seller who is selling electricity to us, they’re mining Bitcoin by themselves. [Energy companies] don’t sell electricity to us, they buy mining equipment from us. A lot of energy companies are becoming Bitcoin miners. Even small energy companies can buy at least 1 to 2 petahashes.” Noise cancellation Another major issue which miners and mining facilities struggle to deal with is noise resulting from high intensity and performance mining equipment. A manager of Mabian Tianjia Network Technology, a Chinese mining company, stated that mining facilities are migrating to remote regions with a limited number of residents so that they won’t have to deal with noise complaints. "This room has 1,500 Bitcoin mining machines, our largest in this location, and can produce nearly 10 Bitcoins every day," said a manager at Tianjia. With a cold climate, very cheap electricity and low population density, remote provinces in China such as Sichuan are transforming themselves into global Bitcoin mining hubs.. Jika ingin menduplikasi artikel ini diharapkan anda untuk mencantumkan link https://adjustablerate.blogspot.com/2017/07/meet-bitcoin-mining-capital-in-making.html. Terimakasih atas perhatiannya.