This article was originally published by 8btc and written by Lylian Teng.

Many Chinese cryptominers have migrated to places with cheap electricity and favorable policies as a result of the escalated government crackdown on cryptocurrency and its production process.

With the rapid downfall of bitcoin prices in late 2018 and increasing electricity bills, Chinese mining investors are looking for alternative places to sustain their businesses. The tightened regulations on cryptomining in the country, for the risk of crypto speculation and concerns about energy usage, urge them to speed up their relocation.

In such a context, these unwanted Chinese miners are crossing the border to keep their businesses operating, but they have to tackle various barriers. Large miners move their operations overseas, with Canada, the U.S. and Iceland among their top destinations, while most small- and medium-sized ones turn to Thailand, Cambodia and Vietnam in Southeast Asia for geographical proximity.

Since late 2018, the oil-rich Middle East country…

Click to continue reading on its source location…

Source: https://thebitcoinnews.com/chinese-bitcoin-miners-suffer-in-iran-despite-cheap-power/