A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations - Printable Version +- Ipoh Community Forums (https://forums.ipoh.com.my) +-- Forum: News and Current Affairs (https://forums.ipoh.com.my/forum-11.html) +--- Forum: International News (https://forums.ipoh.com.my/forum-13.html) +---- Forum: Business, Economy and Investment (https://forums.ipoh.com.my/forum-56.html) +---- Thread: A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations (/thread-864.html)

A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations - superadmin - 03-02-2021 China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on the energy-consuming operation. Bitcoin mining consumes an estimated 128.84 terrawatt-hour per year of energy, more than entire countries such as Ukraine and Argentina. Inner Mongolia alone accounts for around 8% of all bitcoin mining globally, more than the United States which accounts for 7.2%. [*] GUANGZHOU, China — China’s Inner Mongolia region plans to ban new cryptocurrency mining projects and shut down existing activity in a bid to cut down on energy-consumption. Bitcoin is based on a decentralized network, which means it’s not issued by a single entity like a central bank. Transactions, recorded on a public ledger called the blockchain, need to be “verified” by miners. These miners run purpose-built computers to solve complex mathematical puzzles that effectively allow a bitcoin transaction to happen. The miners receive bitcoin as a reward and that is the incentive. - More - RE: A major Chinese bitcoin mining hub is shutting down its cryptocurrency operations - Maggnuson - 04-05-2024 Before diving headfirst into buying an ASIC miner, I'd definitely do your homework. https://asicminercompare.com/ is a great resource for comparing different models  -  it helps you cut through the hype and see what miners are actually profitable. From what I've read, mining efficiency and electricity costs are huge factors.  Unless you're super tech-savvy and have access to cheap electricity, it might be hard to turn a profit  –  especially with the difficulty of mining going up all the time.