Opinion: China’s era in Bitcoin mining has ended.

Miners are leaving China under government pressure and moving equipment to other regions. The era of China’s dominance in this industry can be considered over, said Alejandro de la Torre, Poolin’s vice-president, in a ForkLog commentary.

The main destinations for migration are the United States, Canada and Kazakhstan. Although the latter is already ‘packed to capacity’, noted de la Torre.

According to him, in the United States the most attractive electricity tariffs are offered in Texas, Nebraska, North Carolina, Ohio and Wyoming. Poolin itself is considering sites in North Carolina. 

Against this backdrop, Bitcoin’s hashrate has fallen significantly. On June 28, its daily hashrate fell below 60 EH/s. Such values had not been recorded since July 2019.

According to Foundry vice president Kevin Zhang, by June 30 the share of offline capacities in China is expected to approach 90%. In Sichuan province some power plants have required miners to dismantle mining rigs and all infrastructure equipment (racks, transformers and other) in just one to two weeks.

ASIC maker Bitmain is providing expert assistance to its clients — the company has invited specialists from the United States and Kazakhstan for consultations on legal and tax matters. Also, Bitmain shares its own experience in registering enterprises, constructing data-centers, hiring staff and complying with legal norms.

Over the course of a month, authorities in several Chinese provinces ordered miners to cease activity. Among them: Yunnan, Qinghai, Xinjiang, Sichuan and Inner Mongolia.

Earlier, Poolin announced the suspension of WBTC and Ethereum payouts for users who locked hashrate tokens pBTC35A and pETH18C in the Mars protocol.

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