CEO’s plea to China: Spare crypto mining fuelled by clean energy

Crypto miners help create jobs, contribute to fiscal coffers and prefer to be in areas with energy oversupply, CEO says.

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 crypto mining 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. In addition, “Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers”.