The Chinese province of Sichuan has already been identified for some time by the Beijing government as global hotspot for mining Bitcoin. A decision favored at the beginning of the new millennium by the particular climatic conditions of the area. The region, located in the southern part of the country, is in fact the subject of a large number of rainfall, which gave rise to the construction of many hydroelectric plants. A condition that is therefore ideal for the mining di cryptocurrency.
Cryptocurrency news
Sichuan is the ideal destination for Bitcoin miners
The possibility of having access to low-cost electricity has therefore prompted many miners of Bitcoin to settle along the banks of the many rivers of Sichuan. Starting from the Yangtze and its tributaries, which have provided them with the ideal habitat. Despite some hitches due to floods, actually very frequent in the area, still today.
If at first the Chinese government treated these communities not exactly well, things have changed over the last few years. So much so that in conjunction with the outbreak of the Covid-19 pandemic, the city of Ya'an has published a document which represents an important event for miners. In fact, it indicated the ideal conditions for the extraction of BTC in the energy sources of the area. A thesis, moreover, based on real data.
One cent per kilowatt hour
During the month of August, the Chinese government issued a large number of licenses for the mining of cryptocurrencies in Sichuan to the companies concerned. In turn enticed by tariffs which hover around the dollar cent per kilowatt hour. This shows what is meant by ideal conditions for mining.
To which a ideal environment for all those who are willing to turn to financial innovation. For example, using technology blockchain, as the city of decided to do Chengdu, the capital of Sichuan. Which announced the development of a blockchain industrial park. This will be precisely the means to promote a strong ecosystem for new companies in the sector. According to available reports, eight mining companies have already agreed to participate in the project, while the number of interested companies is 39.
The Bitcoin engine of development for Sichuan?
The changing atmosphere around Bitcoin and cryptocurrencies is quite evident in China. Favored by the economic situation triggered by the pandemic, which forces us to think differently from the past.
Although it should be emphasized that even before the spread of the virus, the eastern giant had shown great interest in digital assets. Enough to field it digital yuan and to promote the adoption of the blockchain with increasing strength.
According to analysts, moreover, the intent of this policy is quite clear: attack the imperial power of the dollar.
In this perspective, the promotion of Sichuan as an ideal area for mining is a logical corollary. Thanks to which it becomes possible to better rationalize the use of its hydroelectric resources. A decision such as to make the region a hotspot of great importance for all those who intend to exploit mining.
