The CEO of Nasdaq-listed Canaan Inc, a China-based firm that specializes in Bitcoin (BTC) mining equipment, argued that China’s Bitcoin mining ban should make allowances for green-energy users during a conference call on Tuesday.
Zhang Nangeng said that an indiscriminate ban on Bitcoin mining failed to take into account the potential economic benefits that could arise from embracing green-energy mining. Zhang stated that mining could present a solution to the oversupply of electricity in certain regions of the country, where resultant low energy prices already attract miners.
“For-profit miners prefer regions with low electricity prices that indicate oversupply, and likely energy waste. Bitcoin miners also help create jobs in impoverished regions and contribute to fiscal coffers,” said Zhang.
Canaan’s stock price increased 24% on Tuesday, adding to 42% growth for the week. The surge in Canaan’s share price came amid the release of the firm’s financial results for the first quarter of the year, which show spectacular growth since this time in