The highest level of government officials of Ganzi: China highly support “legalizes” Bitcoin mining sector

By Selena On May 14, 2020

As AZCoin News reported, a city in the Chinese region Sichuan Ya’an aims to employ the advantages of hydropower resources to become a key player in terms of Bitcoin mining. And now it seems that not only Ya’an, but the whole nation of China is looking to increase the legalization of Bitcoin mining.

China speeds up “legalizes” bitcoin mining, The highest level of government officials of Ganzi (the heart of Mining in Sichuan ) said they are HIGHLY SUPPORT CRYPTO MINING INDUSTRY on blockchain industry development seminar held lately. pic.twitter.com/vEh1oU8ozP

— molly (@molllliy) May 14, 2020

China is looking to increase the legalization of Bitcoin mining?

According to Molly, Head of Marketing HashKeyhub cum China operations Bitcoin Magazine, during the seminar, the head of the Ganzi government said they will increase the support on taxation, financial service, and electricity for Bitcoin mining companies.

During this seminar, the head of the Ganzi government said they will increase the support on taxation, financial service, and electricity (cheaper) for mining companies. This 2nd-time government public support crypto mining, 1st time is few weeks ago.https://t.co/OfJXZxcXXv

— molly (@molllliy) May 14, 2020

It seems that this is the second government public support crypto mining. The first time was a few weeks ago. Especially, this is a region that characterized over 50% of the total mining power on the Bitcoin network. It is known that electricity costs are expected to go down with the arrival of the monsoon season in China’s Sichuan province.

According to Molly, the Ganzi government announced a wasted hydropower demonstration zone last year. This is an event that signals they are planning to legalize Bitcoin mining. However, this is only a prediction because there is no accurate information so far.

Ganzi announced a ” wasted hydropower demonstration zone” last year, which signals that they were planning to legalize mining, but back then they didn’t make it as obvious as now, you need to guess a little because they said it was for big data.https://t.co/1fscAzkcNd

— molly (@molllliy) May 14, 2020

Finally, from Molly’s share, it seems that China is really speeding up legalizing Bitcoin mining.

Chinese BTC mining startup becomes sixth-largest just days after launch

A new Chinese Bitcoin mining startup, Lubian, broke into the top-ten hashrate providers last week. Despite being launched just two weeks ago, Lubian.com currently ranks sixth among all miners. The start-up accounts for 5.99% of the Bitcoin hash rate and provides a steady hashrate of over 7 EH/s.

Spot: Brand new China’s mining pool Lubian has mined 5.67% #BTC blocks in the past week, the first block they mined was 627,441 on April 24, 2020. #btcmining pic.twitter.com/4pqPmQ72S0

— BlockBeats (@BlockBeatsChina) May 12, 2020

Besides, Lubian mined 27 blocks since last weekend, collecting over 337.5 Bitcoin in rewards (pre-halving and post-halving) and generating anything between $2.8 million to $3.2 million.

Source: BTC.com

China’s dominance in the Bitcoin mining market is no secret. Studies estimate more than 70% of the protocol’s hash power comes from the Far East, with companies like Antpool and F2Pool owned by Bitmain generating millions of profits every quarter.

While China still quietly acknowledges its mining industry, the proliferation of players like Lubian means its dominance in the Bitcoin mining space is growing.

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