Trouble for Bitcoin Miners ! Bitcoin pool has been paused due to regulations in China
In these days, China’s government has become more cautious in the case of cryptocurrency mining companies due to too much absorption of electricity and producing too much heat that affect the environment. According to environment news site Grist, if the currency’s growth continues on its current trajectory, it will use as much as the entire USA in just 18 months’ time. February 2020 the environmental news site claims bitcoin would use as much electricity as the entire world does today.
In the case of Bitcoin.com Miner company, they are now moving mining equipment out of China. This change has affected only lifetime contract miners while other contracts, such as 1 year or 6 month mining contracts, are located in the USA so are not affected. They also giving two choices to the miners i.e.
1. Receive a 100% full refund of your initial USD cost (paid in BCH at current exchange rate). Your contract will permanently end if you chose a refund.
2. Pause your contract from January 18th until approximately April 30th while we move our hardware to a data center outside of China.
Also, other companies like Bitmain (the world’s largest blockchain mining company) is also considering moving operations to Canada.
According to Chris Keshian (the CEO of San Francisco-based Apex Token Fund) said:
We’ve seen a lot of movement towards Canada. The Canadian government is relatively friendly towards cryptocurrencies and energy is relatively cheap there.
Some cryptocurrencies miners companies are already using solar energy for energy source and advanced heat absorption technology that not affect the environment. If all miners companies using these sources and technology then it’ll be good for environment.