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One weekend in late June, many desolate Bitcoin diggers packed into a lavish lodging in Western China. They had a major issue: Just weeks sooner, the Chinese government restricted digital money mining over worries about illegal coal mining and basic monetary dangers. Presently they needed to sort out some way to move a huge number of PCs out of the country.
The diggers sat in lines of white seats in a lobby at the Gran Melia Chengdu Hotel and listened eagerly to the chiefs at Bitmain Technologies Ltd., the world’s biggest mining-gear creator. In the middle of introductions about Texas energy basics and crypto mining in Kazakhstan, the participants snacked cupcakes, drank mixed drinks and examined the grim standpoint for their nearby industry.