China is not the only country that wants control of this highly coveted industry.
Taras Kulyk, Senior Vice President of Blockchain Business Development at Core Scientific, says that the countries competing to become leaders in the Blockchain space vary greatly in what they can offer to crypto miners.
During an interview with Cointelegraph, Kulyk stated that global diversification of hashrate has been increasing as countries around the world vie for control of the crypto mining industry.
Kulyk believes that China has been a desirable hub for crypto mining due to specific factors it enjoys, specifically the low cost of labor, access to units, and decreased cost of power during the rainy season, but he clarified:
“One key economic concern driving recent crackdowns by authorities is theft of power which local politicians then have to clamp down.