{"id":31804,"date":"2020-11-16T09:56:48","date_gmt":"2020-11-16T07:56:48","guid":{"rendered":"https:\/\/forklog.com\/en\/?p=31804"},"modified":"2025-08-28T05:32:09","modified_gmt":"2025-08-28T02:32:09","slug":"media-chinese-bitcoin-miners-unable-to-pay-for-electricity","status":"publish","type":"post","link":"https:\/\/u1f987.com\/en\/media-chinese-bitcoin-miners-unable-to-pay-for-electricity\/","title":{"rendered":"Media: Chinese Bitcoin miners unable to pay for electricity"},"content":{"rendered":"<p>Chinese miners are facing serious difficulties in paying electricity bills, reports journalist Colin Wu. The measures by authorities against cryptocurrency exchanges as part of the fight against money laundering.<!--more--><\/p>\n<blockquote class=\"twitter-tweet\" data-lang=\"en\">\n<p dir=\"ltr\" lang=\"en\">As the Chinese government is cracking down on the exchange of crypto and legal currency, Chinese miners are facing a major problem in paying electricity bills. 74% of the miners surveyed told Wu that the payment of electricity bills has been greatly affected. <a href=\"https:\/\/t.co\/Sqi8DkP5zb\">pic.twitter.com\/Sqi8DkP5zb<\/a><\/p>\n<p>\u2014 Wu Blockchain\uff08Chinese Crypto Reporter\uff09 (@WuBlockchain) <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1328188103685619712?ref_src=twsrc%5Etfw\">November 16, 2020<\/a><\/p>\n<\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>Earlier, Chinese authorities launched a campaign to cut off banking services for local off-exchange cryptocurrency traders, blocking their accounts, bank cards and <a href=\"https:\/\/u1f987.com\/en\/news\/pboc-draws-up-blacklist-of-otc-cryptocurrency-traders\">closing<\/a> access to online banking.<\/p>\n<p>According to Wu, traders have stopped withdrawing funds in yuan. However there is a category of digital asset sellers for whom the national currency is essential\u2014the miners. To pay electricity bills, which account for a large share of their costs, they need fiat money.<\/p>\n<p>Survey results from the local industry community showed that 74% of miners faced difficulties in paying. Some were forced to halt equipment, unable to obtain yuan for cryptocurrency.<\/p>\n<p>A number of off-exchange traders that specialized in servicing miners also ceased operations.<\/p>\n<p>Colin Wu believes this will accelerate the exodus of miners from the country to the United States, Kazakhstan and other jurisdictions with friendlier regulation.<\/p>\n<p>Arcane Research <a href=\"https:\/\/u1f987.com\/en\/news\/arcane-research-chinas-dominance-in-bitcoin-mining-is-steadily-shrinking\">noted<\/a> that the share of Chinese miners in Bitcoin&#8217;s hashrate is declining due to capacity additions in other countries, including the United States and Kazakhstan.<\/p>\n<p>Subscribe to ForkLog&#8217;s news on Telegram: <a href=\"https:\/\/t.me\/forklogfeed\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog Feed<\/a> \u2014 the full news feed, <a href=\"https:\/\/telegram.me\/forklog\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">ForkLog<\/a> \u2014 the most important news and polls.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese miners are facing serious difficulties in paying electricity bills, according to journalist Colin Wu. The measures by authorities against cryptocurrency exchanges as part of the fight against money laundering.<\/p>\n","protected":false},"author":1,"featured_media":31805,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"1","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[3],"tags":[133,1137],"class_list":["post-31804","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news-and-analysis","tag-china","tag-cryptocurrency-mining"],"aioseo_notices":[],"amp_enabled":true,"views":"17","promo_type":"1","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31804","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/comments?post=31804"}],"version-history":[{"count":1,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31804\/revisions"}],"predecessor-version":[{"id":31806,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/posts\/31804\/revisions\/31806"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media\/31805"}],"wp:attachment":[{"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/media?parent=31804"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/categories?post=31804"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/u1f987.com\/en\/wp-json\/wp\/v2\/tags?post=31804"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}