It seems that countries are intent on pushing Bitcoin mining out of their country.
The West got a huge jump by being the ones who created the internet. Now we are seeing the next generation and many countries are pushing it away.
This mistake will be clear in 7-10 years. A major blunder that is only going to put them further behind.
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Well, this just looks like a simple case of supply and demand. The country as a whole is having blackouts because they can't meet the power demands. Considering the massive amounts of power these miners use, it only makes sense to go after them first. Plus, from what the article says, it might be a 500% tax increase but that's not the whole story. It looks to me like it's more of a case of the initial rate they were charging being very low rather than the country all of a sudden gouging the miners, so the new rate is maybe not as high as it would seem.
Either way, something obviously had to be done as they're right in the middle of winter with power blackouts. Not a good situation for the people. Of course, I'm sure they could all gather around the mining outfits and get as much heat as they could want....
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Wow, it looks like they didn't learn anything from China... I wonder where those miners will go next
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Indonesia has plenty of volcanoes from which the miners can tap geothermal energy for their mining rigs.
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That's nice. I don't know the stance of their governments towards crypto but it could be an option.
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India is closer to Kazakhstan than Indonesia, and I think India has volcanoes as well. I menttioned Indonesia instead of India because Indonedia may have a more mellow economic environment and it can use ways to attract more business. A side effect of this may be improvement in the exchange rates for the IDR.
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