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The complete ban on crypto-related activities in China has forced miners to consider relocating to other countries. One of the top picks is Siberia, which is known for its cheap electricity. But authorities in the country warned that the stream of Bitcoin miners from China could overload the grid, as energy consumption in the Irkutsk region alone has grown by 159% this year. As such, the prime minister called for an increase in electricity rates for miners.
Irkutsk, which is heavily dependent on hydropower and has the cheapest retail energy price, was already a local mining hub for Bitcoin before China's ban. Meanwhile, China, which back in April accounted for almost half of the computing power of mining, sharply reduced production, forcing miners to look for new regions.
That is the reason why US is now the largest center for Bitcoin mining. In fact, according to a study by the Cambridge Center for Alternative Finance, the country accounted for 35.4% of the world's hashrate at the end of August. This is twice as high as in April. China, on the other hand, has dropped near zero, which is 75% lower than in September 2019.
Still, there is no doubt that hidden mining exists in China, and that authorities could not get rid of it so quickly. It most likely goes through private virtual networks, where it would show that computers are working in another country. Cambridge said the recent increase in hash rates in Ireland and Germany is likely a result of the use of VPN miners or proxies.
In any case, miners keep on looking for cheaper electricity and governments that support digital currencies. One good example is El Salvador, which officially recognized Bitcoin at the same level as its national currency. The move pushed Bitcoin to grow by over 370% over the past year, trading at $ 57,000 and with a total market value of around $ 1 trillion.
Technical analysis for Bitcoin
Bulls have once again approached $ 58,000. If they succeed in breaking through the level, Bitcoin will have a chance to reach $ 62,200 and $ 64,700. But if they fail, the cryptocurrency may drop to $ 54,444, and then fall lower to $ 51,000 and $ 47,600.
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