China’s government is pushing to develop its hydroelectric storage capacity to help ease water shortages and cut down on electricity costs. The latest business development is the sale of hydroelectric power plants in Venezuela. The country has a total power capacity of 895.1 gigawatts. South Africa, on the other hand, has 915.8 gigawatts of capacity and Chile is at 904 gigawatts.
Some people believe that the world’s biggest cryptocurrency miners are moving from China to India, as electricity prices are cheaper in the country.
When China decided to make a move into the cryptocurrency market, it didn’t just want to be a big player. It wanted to be the biggest. So, it did something that would be insane for any other country to consider: It began subsidizing and creating places for cryptocurrency miners to move to, to take advantage of the country’s cheap electricity. The move came with a price, though. The firms renting these sites for mining are now asking investors to pay more than ten times the cost of electricity to use them.. Read more about what does mining crypto mean and let us know what you think.
Small hydro companies in China are reportedly looking for new customers as cryptocurrency miners flee abroad due to a nationwide crackdown on mining activities.
As reported by the South China Morning Post (SCMP), Chinese e-commerce platforms such as Xianyu have placed ads for the sale of 50 megawatts of small hydroelectric power plants.
According to SCMP, some sellers said their offers had nothing to do with cryptocurrency mining, while others said their offers were made in the wake of the recent crackdown on cryptocurrency mining.
One provider said small dams rely on cryptocurrencies as a customer base because they have not received approval from government and environmental agencies to connect to the grid.
You can secretly mine cryptocurrencies if you buy a hydropower plant, one of the sellers told SCMP.
The news comes as Chinese bitcoin (BTC) miners are capitulating or moving their operations to other countries. Bitmain, the world’s largest provider of cryptocurrency mining equipment, reportedly halted global spot sales of its new cryptocurrency last week to prevent customers from incurring losses due to mass sales on the secondary market. A number of key players in the industry, including Bitmain competitor Canaan and leading mining pool BTC.com, have moved their operations to more crypto-friendly countries such as Kazakhstan.
Related: Nvidia GPU prices drop in China due to mining restrictions on crypto-currencies
Meanwhile, the price of GPUs on the mainland has dropped dramatically. According to some reports, this is due to a drop in miners’ demand for cryptocurrency. Earlier this month, Asus’ RTX 3060 card reportedly sold for $730, down from its record price of $2,100 in May on online retail platform Tmall, which is run by JD.com.
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