Mining rig maker Canaan argues against wholesale crackdown on bitcoin mining in China By Reuters – Investing.com

Mining rig maker Canaan argues against wholesale crackdown on bitcoin mining in China By Reuters – Investing.com

SHANGHAI/HONG KONG (Reuters) - A major Chinese maker of bitcoin mining machines argued against an indiscriminate crackdown on cryptocurrency mining in China, saying the business helps make better use of electricity and contributes to employment and the local economy.

Zhang Nangeng, CEO of Nasdaq-listed Canaan Inc, told an earnings conference call that although cryptomining activities using fossil-fuel power hampers Beijing's green efforts, those powered by clean energy should be spared from the crackdown.

"For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste," Zhang said.