Chinese Miners Pivot to Alternative Currencies to Keep Operating

[RSRS]

The Chinese mining crackdown forced many miners to stop their operations and relocate. But another group of miners is planning to pivot to new, more efficient mining schemes to keep operating in the country. Lesser-known tokens and proof-of-stake-based systems are now in the sights of these miners as ways to continue their work away from government oversight.

Chinese Miners Pivoting to Other Crypto Activities
The recent mining and trading crackdown in China affected the lives of thousands of miners that had to stop their operations due to new policies established by the government. While a lot of them are seeking to relocate to other countries, there is also a group seeking to pivot to new alternatives to keep operating in the country.

The new wave of storage-based tokens is one of the biggest focuses of this group. Bloomberg confirmed this, present at the Web 3.0 Blockchain Application Cum Computing Power Overseas and Distributed Storage Conference in Chengdu — one of the first crypto-related events to happen after the crackdown. Some of the miners present were interested in Filecoin, mentioning it could be a safer bet due to its less energy-intensive mining process. Another miner stated Filecoin was a “grey area business that hasn’t yet caught regulators’ attention,” explaining the interest behind it.

Another storage-based token that is getting the interest of these miners is Swarm, a currency that shares the same proposal as Filecoin and Chia.

More Information

[Proton]

The highest-level economic conference of the Chinese government called for the correction of excessive carbon reduction behavior. This may be a small positive sign for the mining industry.