Recently, flow of news have been suggesting that China has intention to prohibit mining as state-run Sichuan Electric Power Corporation supposedly spreaded a circular ordering grid-connected hydropower stations to cease supplying low-cost electricity to bitcoin mining operations.
Soon after, it appeared that the report has been contradicted as the company admitted it made several mistakes, including using unverified claims, on its circular.
However, bitcoin miners are still suggesting moving their operations abroad to protect their businesses.
Many of us have already paid visit to Vietnam, Laos, Thailand, Russia and the US, negotiating electricity prices with local authorities and buying sites for future use … The business blueprint is bound to go overseas, even if there’s only a 1 per cent possibility that China’s crackdown against bitcoin would extend to mining.
Cryptocurrency miner from China said in an interview with the The South China Morning Post
The Chinese Bitcoin miners began arriving to Quebec due to inexpensive electricity and cooling there, looking for alternative locations to place their operations. Hydro-Quebec provides 4.55 $ per kWh. It also plans to provide additional 500 kWh per 2.58 $ by April 2018.
Despite the fact that China has become the leader in bitcoin mining a little uncertainty is enough to induce cryptocurrency supporters to take precautions and even prepare for the possibility of moving operations outside the country.