In Kongyu, Tibet, hydropower electricity is inexpensive, as are wages. And Chinese entrepreneurs are among the world’s most capable and least risk averse. This combination makes Kongyu in China’s western Sichuan province an ideal place for a bitcoin mining operation, as revealed by a Washington Post report.
Chinese mines comprise about 70 percent of the world’s bitcoin processing power. Chinese factories produce the cheapest microprocessors that run the mines. Chinese bitcoin exchanges represent a similar portion of global bitcoin trading.
Is such dominance good or bad for bitcoin’s future?
Chinese Influence: Good Or Bad?
China’s rising domination of the estimated $9.2 billion bitcoin market capitalization is seen as an irony by those who remember when the industry was viewed as being dominated by libertarian crypto-punks. Others view it as a threat since China’s miners are opposing some of the reforms to improve bitcoin transaction speed as bitcoin use expands.
But Emin Gun Sirer, a computer science professor at Cornell University, thinks these concerns are exaggerated. Critics are overgeneralizing about Chinese miners, who Sirer said