The Chinese government recently raided and shut down many Bitcoin mines, on environmental and other grounds. Of course, this action has a huge impact on those in the world, including these Bitcoin tycoons.
Liu Weiman, 40, operates 10 Bitcoin mines in Sichuan province. At harvest time, he can earn between 70 to 80 Bitcoins per day.
According to Caixin Media global, Liu mining can get between 8 to 10% of Bitcoin out every day, if his claims are true. Because in total, there are 900 new Bitcoins popping up every day.
Sichuan Province is indeed a favorite location for Bitcoin mining because this mountainous region has cheap sources of hydropower. Quoted from the New York Post, Tuesday (3/8/2021) Liu himself received support from the local government to help lift people out of poverty.
Prior to the raid, China generated 46% of Bitcoin in April 2021. Number two was the United States with 17%. However, for reasons of lowering carbon emissions, Bitcoin mines closed, initially relying on coal for electricity.
At first Liu and other miners in Sichuan felt safe because they depended on hydropower. But apparently all Bitcoin mining is being asked to close. In June, the Sichuan government closed 26 mines. Two days later, Liu's Bitcoin mining machine was also seized.
Liu clearly lost a lot because his 10 mines were now finished, but he didn’t give up. He sought mine locations outside China, including in North America and Kazakhstan. His partner at a Bitcoin mining company called Bit Mining will also open a new facility in Texas.
Liu himself is still considering opening a new Bitcoin mine. According to him, the mine site must have a cheap and safe source of energy from the threat of the Corona virus. “This is going to be a new adventure,” he concluded.
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