China is cracking down on bitcoin and other cryptocurrencies.
As a result, bitcoin and other of the country’s industry’s biggest players are shifting operations overseas.
Bitmain has been running China’s two largest bitcoin-mining collectives. They have decided to set up regional headquarters in Singapore. Furthermore, they now have mining operations in the U.S. and Canada. BTC.Top is the third-biggest mining pool. And they are opening a facility in Canada . Finally, ViaBTC is ranked No. 4. They now have operations in Iceland and America.
As policy makers clamp down, China’s once-dominant role in the world of cryptocurrencies is shrinking.
These moves could reshape the cryptocurrency mining industry. Miners have until recently flocked to China because of the country’s inexpensive electricity, local chipmaking factories and cheap labor. They now have little choice but to look elsewhere.