Right now there are 900 Bitcoins mined everyday. Do you ever ask yourself who is mining these coins? There was a guy in China named Chandler Guo who started a mining farm in 2014. The precise location was kept a secret but we do know it was located in western China. The location is most likely in Sichuan province and a good search of hydro plants may further narrow down the location.
Since the energy requirement for mining bitcoin remains quite high Guo made a deal with a Chinese Communist Party (CCP) official to use energy from a nearby hydroelectric plant to power his mining farm. Many in the world believe that the majority of the energy used for mining comes from renewable sources.
It is said that at one point Guo’s farm was capable of mining 30% of the worlds bitcoin capacity. That being said, Guo would be able to mine 270 bitcoin a day and with todays price from Coingecko that would mean he could potentially be raking in $5,130,000 worth of bitcoin a day. (This is assuming that 270 x $19,000/BTC ) and this is assuming that the farm would still be capable of the 30% threshold.
We would have to wonder how much of that would go to Guo and how much to the CCP. I would imagine there are payoffs along the way to be able to get the energy required to run the farm and not even considering the astounding cost of hardware required for this feat.
There are deeper questions to the CCPs involvement in this mining operation and one has to wonder it Guo is just the face of the CCPs mining operations. If the CCP it behind the mining then it would be interesting to know how many bitcoins they currently hold and what are the plans to release them.
I have seen estimates that China currently has about 65% of the worlds hash power and most of that is located in Sichuan province. There is also a large portion of hash power located in the USA but the world super power of crypto mining is definitely China.
All of this leads us to wonder what kind of grip China could have on the bitcoin market. We know for sure that China is also leading the world in the creation of sovereign crypto currencies and the Chinese Digital Yuan will soon be competing with the US dollar as the world currency.
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