Cointelegraph: Chinese consortium plans to buy Latin America's largest Bitcoin mining farm
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China's miners worry about the country's unpredictable and tightening laws and regulations The Chinese company reportedly sought Lopes’ help for regulatory reasons, imagining the difficulties that might arise after China issues its central bank digital currency (CBDC), which could lead to a new round of reshuffles in the cryptocurrency industry. Chinese miners are turning to other parts of the world as strict regulations The move comes as other Chinese miners look for alternative locations to conduct bitcoin mining operations, as the world's leading bitcoin mining region has long been Sichuan. The rainy season there runs from April to September, and many miners move operations to Inner Mongolia, Xinjiang and Yunnan during the dry season to take advantage of energy generated by thermal power companies. Like Paraguay, countries like Kazakhstan and Uzbekistan are attracting Chinese mining companies that want to accommodate older and less profitable equipment such as the Antiminer S9, E10 and M3. In Chinese mines, they insist on more advanced equipment for logistical reasons. Changes in Mining and Management According to a source who spoke to Cointelegraph anonymously, in the event of the sale of CoinPY to the Chinese, all equipment at the Paraguayan Bitcoin mining farm registered in Brazil must be removed. This means that Lopez will have to remove all the machines he owns at the mining farm by the end of February. Since CoinPY hosts third-party miners, it has informed its customers of the destinations it wishes to supply its equipment to, primarily Antminer S9. The negotiations also included having the Chinese engage in eight-year negotiations with CoinPY, not only in terms of Bitcoin mining, but also in government and regulatory relations. As the purchase of CoinPY progressed, the Chinese have shipped their equipment to Paraguay and closed some factories in China. Cointelegraph asked the merchant for more details but received no response. Speaking about Bitcoin mining on a TV show, Lopez recently noted that mining has become more professional and that the halving will permanently eliminate the possibility of survival for small miners who are not mining on a large scale. |
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