The rain has come. The machines are humming. This should be the best time of the year for China’s bitcoin miners. The monsoon season, generally from June to October, brings excessive rain and thus cheap hydro electricity.
But this year is different, proving to be harder than ever for China’s bitcoin miners and mining farm operators who are estimated to dominate 65% of the global multi-billion dollar bitcoin mining industry.
Since last summer, many mining farm operators rushed to build new facilities in China’s southwestern region in anticipation of a dramatic price rise with bitcoin’s halving.