At Bitcoin 2021, Francis, the mayor of Miami, said in an interview, “the clean energy of Miami can solve the pollution problem caused by mining. He hopes that Miami can replace China’s Inner Mongolia as a global hashrate hub.”
Luckily for Miami, it seems the time is right for it to seize the title of top global hashrate center. After the Financial Stability and Development Committee under the State Council of China issued instructions to “crackdown on mining and digital currency trading” on May 21, 2021, more than 21 cities in China had introduced policies to fight against “mining” by June 15. More cities are presently taking relevant actions to crack down on mining operations.
The historical peak of China’s hashrate across the entire network is above 90%, but it currently sits at 65%. Influenced by regulatory policies, hashrate is draining away from China. It is predicted that by the end of the flood season in October, more than 50% of China’s hashrate will be transferred to other countries, and the global hashrate will face a reshuffle.
Countries and regions in North America and Europe, which have clean energy, compliance policies, and stable business environments, will benefit the most from this hashrate transfer.
In addition to the risks associated with overseas policies, taxation and equipment safety, among others, Chinese miners also face the challenges of cross-border transportation, cross-border operation and maintenance, and overseas operation and maintenance.
To help solve the problems that Chinese miners face while going abroad, the China Digital Mining Association will hold the Global Mining Resources Exchange Conference on June 22 in Chengdu, the capital of Southwest China’s Sichuan province. The conference aims to help the Chinese mining industry experience success while going abroad.
The China Digital Mining Association (www.ChinaMiner.org) aims to help Chinese miners connect with overseas mining resources, promote exchanges between domestic and overseas mining industries, implement a resource-sharing plan, and escort Chinese miners to go abroad.
The China Digital Mining Association welcomes mining resources from countries and regions worldwide with clean energy, compliance policies, and stable business environments. The association aims to create a sustainable mining ecology with the goal of digital mining compliance.
The official website of the China Digital Mining Association: www.ChinaMiner.org
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