Greener pastures: Bitcoin miners now looking beyond Chinese borders
The behavior of crypto market participants often depends on political and economic factors: the price of crypto assets, regulations in a specific country, or political events. For Chinese miners, however, the factors differ somewhat. For several years, Chinese mining operations have been largely reliant on climate. While Western crypto companies fear falling stock prices and regulators, the survival of many crypto mining operations in China depends on rain.
Chinese miners have recently migrated from the southern regions to the north, where electricity prices can be as low as $0.01. This migration has led to a surge in the (BTC) hash rate by more than 40% in two days. While the migration occurs annually, the wet season closing out may not be the only contributing factor this year.
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