Crypto miners help create jobs, provide income and prefer to live in areas with more energy, says the CEO.
China’s leading maker of Bitcoin mining machines has condemned the indiscriminate destruction of cryptocurrency mines in China, saying the business promotes the efficient use of electricity and contributes to employment and the economy.
Zhang Nangeng, CEO of Nasdaq cited by Ken Inc, told the work-based conference that even crypto-based crypto-mining operations are hampering Beijing’s efforts, which are powered by clean energy should be saved.
“Profiters love the areas where low electricity prices show up, as well as waste energy,” Zhang said. In addition, “Bitcoin miners also help create jobs in poor areas and help save money”.
Zhang’s comments came to the State Council last month in China, demanding that the Bitcoin and trade power, and Inner Mongolia, the mining capital, come up with solutions.
Electronic regulators southwest of Sichuan – a state-of-the-art power plant – met with local electricians Wednesday to investigate crypto mining in China’s second-largest state of Bitcoin.
Bitcoin and other cryptocurrencies are developed or “operated” by high-performance computers that compete to solve complex mathematical patterns that often rely on oil, especially coal.
Canaan made machines, or toilets, to mine mines.
Zhang said the uncertainty of the policy encourages foreign workers to relocate overseas, making it difficult for some customers to order new mining equipment orders.
The seizure of the government in Beijing also causes some miners to “sell” mining equipment, helping to cut down prices, Zhang said.
Prices for Bitcoin mining machines have dropped 20-30% from about a month ago, hurt by the decline in Bitcoin prices.
In order to reduce business uncertainty, Canaan is accelerating foreign growth, securing long-term contracts, and establishing its own maritime Bitcoin business.
Canaan, which on Tuesday also said about 500% had raised sales for the first quarter to 402.8 million yuan ($ 63.12m), says foreign markets now support 78.4% of its total revenue. That compares with only 4.9% in the first quarter of 2020.
Orders from foreign clients, including Hive Blockchain Technologies of Canada, and the US crypto Core Scientific player, also account for more than 70 percent of all orders.
Canaan is growing exponentially in Bitcoin-only mines, setting up an office in Singapore, and planning to set up an investment business in Kazakhstan, in central Asia.
“As it took a long time for Bitcoin to be recognized by the market, there will also be a (long-term) way of Bitcoin, with crypto mining, known to regulators” in China, Zhang said.