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A comment on Bitcoin Tumbles as PBOC Declares Initial Coin Offerings Illegal. Parent comment

Re:Bitcoin Tumbles as PBOC Declares Initial Coin Offerings I... by maxerickson on Monday September 04, 2017 @07:30PM (#15171483)
Mining operations can convert Chinese electricity into bitcoin.

So use RMB to purchase electricity for mining bitcoin, convert mined bitcoin to currency outside of China (or sell for RMB to someone that wants to do that and use RMB to buy electricity to mine more bitcoin).

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Re:Bitcoin Tumbles as PBOC Declares Initial Coin Offerings I... by seanmcdirmid on Monday September 04, 2017 @08:11PM (#15171630)
Ya, ok. I can believe that, but it isn't very direct.

China does have cheaper electricity than the west, especially since most of it still comes from cheap dirty coal.

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Re:Bitcoin Tumbles as PBOC Declares Initial Coin Offerings I... by bduerst on Monday September 04, 2017 @09:23PM (#15171889)
Aren't the bitcoin miners in China siphoning electricity off the grid for free?
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