You'll never know the struggles of a Chinese Bitcoin miner, unless you've had an extended breakup with a significant other. "It's all over - get out! Wait, it's summer. Let's at least enjoy the electricity," is the latest from the government, as it sort of reverses its umpteenth crackdown on crypto, telling miners they now have until September to get out of Sichuan.
"What is it - my overconsumption of power? Ya know ATMs use twice as much a year, never mind all those stupid Douyin videos. My illegal status? You never even told us how to become official!" The miner tires of arguing, and moves on: to America, of all places, where partnerships are known for being quicker and less complicated, and electricity is becoming cheaper and cheaper. And then more mixed signals from the Chinese government.
"I doubt this latest quasi-reversal will make a significant change in big Chinese Bitcoin miners' plans to seek greener pastures," says Jimmie Jeremejev. "In fact, they literally are looking into green energy solutions to power their operations, and willing to invest in new infrastructure in the U.S."
Isn't the U.S. the home of Bitcoin bashing, lamenting the overuse of juice? "Perhaps, but it's the use of Bitcoin that really has the American establishment nervous, as it does the Chinese. As for paying for lots of electricity to mine it, that's very unlikely to become outlawed, at least in the view of miners."