Bitcoin

Bitcoin mining territory saw a major development following the recent halving event. Regulation has also made it harder for <a href="https://news.todayq.com/bitcoin-miners-hit-with-lowest-revenue-btc-sell-off-imminent/" rel="noopener noreferrer nofollow">crypto miners</a> or firms to survive amid increasing electricity prices. However, Bitcoin prices have skyrocketed to over $70,000 while all this tussle was happening. Bitcoin mining firms get a new home 
As per reports, the abandoned 17-acre cement slab in Tanjung Manis found new life as a Bitcoin mining hub in 2023. The site now hosts over 1,000 roaring mining machines, with hundreds more awaiting activation.
The transformation is led by Bityou. It is a Bitcoin mining company that relocated operations to Southeast Asia. This happened after China’s 2021 ban on Bitcoin mining forced him to close a larger operation.
The firm chose Tanjung Manis for its available infrastructure following China’s crackdown on crypto linked activities that once dominated the global Bitcoin mining scene. Cambridge University data depicted that China accounted for about three-quarters of global Bitcoin mining in 2019.
However, Chinese authorities’ classification of crypto transactions as illicit led to widespread industry shutdowns and asset seizures. The industry saw a clampdown first-hand with thousands of its mining machines confiscated in Inner Mongolia and Sichuan province.
The crackdown pushed Bitcoin miners to seek new locations. Southeast Asia emerged as a favored destination. Nations like Malaysia and Indonesia have seen a jump in mining activity.&nbsp; Why is this happening? 
According to Cambridge University, Malaysia contributed 2.5% of the global hash rate by 2022. It ranked among the top ten nations. Preliminary research indicates a notable rise in Indonesia’s mining activity as well.
The region’s allure lies in its competitively priced power, skilled labor, and existing infrastructure, making it an attractive alternative for miners displaced by China’s policies. Miners are setting up operations in diverse locations, including abandoned shopping malls, former steel factories, and near hydro-electric power projects. Unlike in the US, where miners can exploit periods of low power demand for better rates, Southeast Asian miners must secure constant, ample electricity supply.
While some miners strive to operate within legal frameworks despite ambiguous regulations, others engage in illegal electricity siphoning, leading to government crackdowns. The demand for mining rigs has also shifted to Southeast Asia, with manufacturers moving operations to avoid US tariffs on Chinese goods.

Southeast Asia becoming new Bitcoin mining hub amid US regulations

Todayq News

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