Deep in rural China, Bitcoin miners are packing up

The article says (among other things) that electricity is cheaper in China than in the US, setting up a farm costs 5 to 10 times less in China, and the US was the second biggest miner. The last fact suggests a lot of people in the US are able to make money at it -- so those Chinese miners must have been making a killing.

It's a testament to the resilience of the bitcoin network that it continues to work well in what is arguably the worst-case scenario: a massive loss of hashpower over a short period of time.

I've been speaking with a few groups looking at the US to rehome their bitcoin operations. There's a few US suppliers in the 2.5c/kWh range for 50mWh+ operations.

Local energy and environmental regs vary but places with low energy prices tend to be pretty amenable in that regard. From a corporate legal perspective it varies. If they're pure miners the issues are BEA/CFIUS compliance, tax structuring, and typical intl. holding issues.

If they're selling shares in their mining proceeds there are other layers involved.

If you know of a place offering 2-3c/kWh or drop me a line!

No paywall: https://outline.com/cefvKr