The Chinese government is surprising - thanks to it, miners will survive halving

The Chinese government is surprising - thanks to it, miners will survive halving

By gainer | gainer | 29 Apr 2020


The Chinese city of Ya’an is trying to attract miners. Just before the halving, it offered them cheap electricity, in line with the Chinese government's statement on the support and development of blockchain technologies in the country. The miners will help the city burn the excess energy that Ya’an produces.

Ya’an wants more Bitcoin miners. It already contains about 50% of the hashrat. The city has published a public guideline calling on blockchain companies to establish a site near power plants producing excess energy.

Halving is approaching

This is great news for Chinese miners. Halving is really around the corner. According to the coinmarketcap page, we can look forward to it in 13 days. The reduction of mining fees to half of the miners will hit hard and we can expect a massive shutdown of ASICs. However, cheap electricity can save their skin.

For Bitcoin, however, halving is a bullish foundation, as inflation is halved. According to a recent study, $ 400 million has flowed into Bitcoin to offset inflation in recent years. After halving, only 200 million will be needed and the remaining two hundred will help this cryptocurrency.

 

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