Chinese bitcoin miners migrate to Sweden and Norway

The year 2020 saw changes in bitcoin, which are not only associated with its price.In particular, in China, the migration of crystals on theWest.

Bloomberg says that the drop in the price of electricity in the countries of Northern Europe could speed up the reorganization of mining pools at the global level.

In this way, pools for mining bitcoin,who opened operations in Sweden and Norway in 2017, have already begun to receive profits. Rally, which pushed the price of bitcoin to new highs, has become a defining factor in the migration of miners.

In addition, in the Northern region, there is a growth in the production of electricity, which allowed prices to "remain close to zero during a long" period.

It is important that the average prices for electricity in Norway and Sweden were much lower than in other countries of the European Union. Namely, this is the reality of blogging that has been used by the industrial sector.

The operational director of Genesis Mining Ltd Philip Solter explained that in 2020 the profits from his operations in Sweden have been truncated, see. graph below.

Head of Analytical Department Wattsight ASTop Peyer Lillexult also noted that this region has the lowest electricity prices in the world. In addition, the miners use recyclable sources of energy and heartless technologies - nuclear, wind, or hydroelectric.

“There is a very important strategic shift frommining in China for mining in western countries, such as Sweden, since bitcoin investors are becoming more public. They need stability and safety. This is one of the most significant achievements in Bitcoin mining, which is worth paying attention to, ”added Philip Solter.

The data of the World Bank show that the prices forElectricity in the northern region is lower than in China, and in 2020 were especially low. Due to the increase in the price of BTC, miners were able to increase the volume of their operations in the Northern region.

CoinMetrics data show that daily miners receive about $ 2 million in the form of commissions.

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At the same time, the bitcoin miners in China hadSufficiently difficult year. The government of China has begun a large-scale operation to fight against corporations and money laundering, in the result of which a number of operating systems were blocked. The leaders of the bike ride in China have also become targets of the authorities.

Taking into account the obstacles to work in Asia and the low cost of electricity in the Northern region, 2021 could be a time when the leader of the kitaeta wipe out.

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