Canaan Fights China Bitcoin Mining Crackdown

Representatives of major Chinese bitcoin mining rig maker Canaan Inc. have argued that the industry diminishes energy waste, helps create jobs and nourishes the local economy, as China has been recently cracking down on the practice.

“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste,” Canaan CEO Zhang Nangeng said during an earnings conference call, according to Reuters. “Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers.”

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