Why the biggest Bitcoin mines are in China – China’s latest business and technology news

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A summary of the top news in Chinese business and technology for October 13, 2017. Part of the daily SupChina newsletter, a convenient package of China’s business, political, and cultural news delivered to your inbox for free. Subscribe here.

FILE PHOTO: Logos of Tencent are displayed at a news conference in Hong Kong, China March 22, 2017. REUTERS/Tyrone Siu/File Photo

Ieee.org, which describes itself as “the world’s largest technical professional organization for the advancement of technology,” has published an article titled “Why the biggest bitcoin mines are in China,” mostly based on a visit to a computer  facility in Inner Mongolia owned by a company that has manufactured about 70 percent of all the world’s computers that do calculations to “mine” bitcoin.  

Why? Cheap, coal-fired electricity, and access to cheap chips.