Wednesday, January 24, 2018

'Digging' Bitcoin in China remains whether interest rates halved

Bitcoin price has increased 1,400% last year, increasing demand for electricity to dig virtual currency globally. 75% of bitcoin mining concentrated in China - the country with large amount of phone users in the world.

Even with the highest electricity price bracket in China, miners can still benefit from Bitcoin, as long as this currency worth more than 6925 USD. Currently, each Bitcoin traded around the landmark than 13,700 USD, down about 29% since peaking record

China has more people in the world to dig Bitcoin.  Photo: Bloomberg.

China is more tightly controlled, limited power to dig virtual money. According to Digiconomist Bitcoin Energy Consumption Index, the virtual money power consumption equivalent to 3.4 million households in the US.

In China, the miner uses 15.4 terawatts. BNEF's report shows, the Bitcoin miner in China is only 0.2% use the amount of power consumed each year in this country, even the world's largest community.

According to Sophie Lu - a specialist in BNEFF, peach Bitcoin in China can profit with the highest cost per kilowatt is 0.13 USD. However, many companies here can benefit from negotiated rates 0.03 USD. So they will still profit if Bitcoin at least 3869 USD.

Lu said that if China's policy tightening power management, the miner will be easily transferred to other countries. Because the virtual machine to dig the money can only be used for more than two years and the other components also quite cheap.



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