Canaan Fights Bitcoin Mining Campaign in China

Representatives of Canaan Inc, a major Chinese manufacturer of bitcoin mining hardware, have argued that the industry reduces energy waste, helps create jobs and fuels the local economy, as China recently cracked down on the practice.

“Profit-seeking miners prefer areas with lower electricity prices that indicate oversupply and potential energy waste,” Canaan CEO Zhang Nangeng said during an earnings conference call. Reuters. “Bitcoin miners are also helping to create jobs in poor areas and contribute to financial coffers.”

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