Sumary of China Crypto Miners Plot Their Next Moves to Evade Crackdown:
- But attendees of the event in Chengdu, China, were clear about why they turned up in the middle of a government crackdown on Bitcoin mining.
- It’s a high-risk wager at a time when Xi Jinping’s government is ramping up scrutiny of energy-intensive industries and anything that could pose a risk to financial stability.
- Filecoin is a “grey area business that hasn’t yet caught regulators’ attention,” said Tom, who works for a Shanghai-based firm that makes mining machines.
- Article content Despite the steady drumbeat of headlines on China’s crypto crackdown, the mood at the Chengdu Marriott Hotel Financial Centre was generally upbeat.
- At a pre-conference schmoozefest not far from the hotel, attendees toasted each other with Moscato Rose wine and Harbin beer, while nibbling on yam chips, platters of fruit and mini-cakes.
- A miner surnamed Li said she was initially upset after China imposed a sweeping ban on Bitcoin mining and trading in late May, but had since moved into Filecoin mining, which she hoped would be more stable since it was “less energy consuming.
- ” Wang, another miner at the party, said he was investing heavily in Ethereum and planning to more than double from 30 the number of mining complexes he runs across eastern China, including one on Shanghai’s Chongming island, an area known for its wetlands.
- Article content Zhu Can, whose firm Smart Cloud Computing owns data centers and assembles machines, is betting on Swarm.