Whatever combination of earth, wind & fire comprises Bitcoin, the Chinese government isn't listening. Or even necessarily sticking to its word. Not a week ago, the official line was that crypto miners in Sichuan had until September to wind down their operations and find foreign alternatives. Now they have to stop yesterday.
The ramifications from the bulk of Bitcoin mining no longer taking place in China are multifaceted, and by no means labeled "good" or "bad". From an investment standpoint, though, there is much opportunity in the government's too-sudden about face.
"Miners have been seeking safer pastures for more than a year," says Jimmie Jeremejev. "Now the urgency has shifted the advantage to hosting facility providers, especially those who can invest in massive new infrastructure to handle the influx of Chinese mining operations. The preferred locations are North America and Kazakhstan. But whoever can offer attractive electricity costs and service, or better yet, a co-owned infrastructure solution that gives miners wholesale access, will get prime consideration, regardless of geography."