{"id":298571,"date":"2021-07-14T12:12:13","date_gmt":"2021-07-14T09:12:13","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/bitcoin-mining-ban-an-easy-decision-for-china-says-bitmain-emea-partner\/"},"modified":"2021-07-14T12:12:13","modified_gmt":"2021-07-14T09:12:13","slug":"bitcoin-mining-ban-an-easy-decision-for-china-says-bitmain-emea-partner","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/bitcoin-mining-ban-an-easy-decision-for-china-says-bitmain-emea-partner\/","title":{"rendered":"# Bitcoin mining ban an easy decision for China, says Bitmain EMEA partner"},"content":{"rendered":"

“# Bitcoin mining ban an easy decision for China, says Bitmain EMEA partner <\/strong>”
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Two weeks after a 15% increase in electricity prices in Turkey, a new store selling professional mining equipment has opened its doors in Istanbul \u2014the business hub of the country\u2014 on July 13. <\/p>\n

Opening a mining equipment shop in a country with costly electricity seems counterintuitive. But Phoenix Store, Bitmain\u2019s sales partner in the Middle East, did the math before opening its second store within the region. Phoenix CEO Phil Harvey explained that their primary goal with the Istanbul store is to educate Turkey\u2019s crypto-friendly population about crypto mining. Then, customers can purchase mining equipment and hosting services that would operate in Canada, United States or Russia. Mining in Turkey is simply not feasible.<\/p>\n

\u201cIt\u2019s like you want to invest in gold mining,\u201d he said, \u201cYou can come here and invest in a gold mine, but it\u2019s not going to be in the back garden. It\u2019s going to be outside.\u201d<\/p>\n

Cointelegraph Turkey sat down with Phil Harvey after his presentation to learn more about the crypto mining landscape in the aftermath of China\u2019s crackdown on mining operations. <\/p>\n

\u201cChina needs to maintain its current growth for the projects in the country,\u201d Harvey started, detailing the crackdown. The country is required to improve several areas, such as reducing carbon footprint, to get funding from the IMF or World Bank:<\/p>\n

\u201cThe easiest industry to reduce overnight was a gray area industry. Some 68,000 gigawatts of power was removed instantly from China just by saying no to Bitcoin mining.\u201d <\/p><\/blockquote>\n

It\u2019s a significant revenue stream, but even that would pale in comparison to how much the IMF or World Bank invest in China for projects like road initiatives. \u201cSo it was an easy decision for China to make to remove these miners and reduce the carbon footprint that they have,\u201d Harvey added. <\/p>\n

While several miners announced that they would relocate to cold-climate countries like Canada, Harvey believes that half of what\u2019s lost due to China\u2019s crackdown will never go back online:<\/p>\n

\u201cBecause these are older machines that were in a warehouse for many many years and were just making five-ten percent, and they were on. But it doesn\u2019t make commercial sense to now take those off and move them.\u201d <\/p><\/blockquote>\n

Related: China crypto ban is a “huge opportunity for Canada,” mining group head says<\/em><\/strong><\/p>\n

The value of that machine might be $150-$200 at maximum, and it would take about the same amount of money to relocate them. \u201cIt doesn\u2019t make sense to do that,\u201d he said, \u201cThat\u2019s why I say half of what was on the network that we lost.\u201d<\/p>\n

Harvey expects regions like Russia and Kazakhstan to increase their share in the mining landscape with new machines added to the network, but he doesn\u2019t plan to open new stores in those countries for now. After Dubai and Istanbul, Phoenix only plans to open a store in London. \u201cWe won\u2019t expand any further for the stores outside of those three locations,\u201d he said.<\/p>\n