TL;DR Breakdown
• Kazakhstan is the preferred point for Bitcoin mining companies.
• China continues its crackdown on cryptocurrencies.
Companies dedicated to Bitcoin mining in China have continues to transfer their operations to other countries. This comes as Beijing increases pressure on its efforts to ban cryptocurrencies. China has been slowing down the cryptocurrency market for over two months, banning its mining and general trading.
Shenzhen-based company BIT Mining said on Monday that it had to deliver 320 mining machines to Kazakhstan. The company expects to deliver another 2,600 machines to the country before the end of June. The remaining Bitcoin mining machines will be shipped to farms in the rest of the world by the next quarter.
Bit Mining CEO Xianfeng Yang are accelerating their growth abroad using high-quality mining resources. Yang affirms that the company’s vision is to respond to the regulatory policies that occur in the Asian country.
Bit Mining plans to promote Bitcoin mining
These Bit Mining announcements come after a power company cut off the power supply to one of its locations. Ganzi Changhe’s Bitcoin mining data center was alerted on the 19th of June about the power outage.
Although this measure paused Bit Mining’s operations for a moment, the CEO claims the headquarters only accounts for 3% of its operations. This company headquarters was located in Sichuan province in western China.
According to reports, like Bit Mining, many mining companies have suspended their power supply. This regulation is straightforward and wants to end the crypto trade once and for all.
New Bit Mining measures
The company that promotes Bitcoin mining in China, Bit Mining, announced that it would invest 35 million dollars in Texas centers. This Chinese company that also manages BTC.com in North America hopes to expand abroad. BTC.com is run by Jihan Wu, a former Chinese billionaire.
Canaan, a Chinese Bitcoin mining company, also plans to expand its operations abroad. This Hangzhou-based crypto hardware manufacturer is trying to move to Kazakhstan, China’s neighboring country.
Canaan clarifies that Kazakhstan does not have regulatory policies on cryptocurrencies, and its energy is low-cost. For now, the country is in fourth place for cryptocurrency mining with a 6% share.
However, speculation also suggests that Chinese mining companies want to relocate to the United States. A Guangzhou-based Chinese mining company moved 3,000 kilograms of mining equipment to a headquarters in Maryland.
Although paying for energy in the USA is expensive, some cities are creating plans to change the landscape. Everything indicates that cryptocurrency mining will continue to operate despite China’s attempts to hinder the decentralized market.
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