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Crypto firms are moving their equipment out of China

As the government of China shuts down the cryptocurrency industry, companies are moving their mining machines abroad
China

As the government of China shuts down the crypto industry, companies are moving their mining machines abroad.

BIT Mining Limited, a Chinese firm focused on crypto mining, announced today it has successfully transferred its first load, which consists of 320 machines in Kazakhstan with a hypothetical maximum total hash rate capacity of 18.2 PH/s.

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The leading digital currency mining enterprise is preparing to deliver another 2,600 devices with a maximum total hash rate capacity of 102.3 PH/s before the starting of July. The move comes after the company was informed that its facilities in Sichuan would no longer be supplied with electricity by the state energy regulator.

“We are committed to protecting the environment and lowering our carbon footprint. We have been strategically expanding our operations overseas as part of our growth strategy. Following our investments in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas development for alternative high-quality mining resources. We believe our vision and early-mover advantage will enable us to be agile in responding to the globally evolving regulatory environment, which will ultimately contribute to our long-term growth.”

Mr. Xianfeng Yang, CEO of BIT Mining

BIT Mining isn’t the only company to deliver elsewhere its mining machines the last 48 hours. A logistic firm in China confirmed it is airlifting 3 tons of bitcoin mining devices to Maryland. Eunice Yoon, a CNBC correspondent in Beijing posted a picture of the packed-up machines on Twitter

“#China logistics firm in Guangzhou confirms to @CNBC it’s airlifting 3,000kg (6,600lbs) #bitcoin mining machines to Maryland, USA. Fenghua International advertises products delivered to door, tax on both ends cleared. Price per kilo: as low as $9.37!”

Eunice Yoon, a CNBC correspondent in Beijing
crypto machine mining

Power companies were called to cease supplying electricity to digital currency mining facilities starting from Sunday, June 20. Local governments were also required a ‘complete clean-up’ and also to track and shut down mining hubs throughout the province.

China’s cryptocurrency crackdown caused a literal market crash last month. The State Council of China decided to shut down everything related to this industry in May. The council thinks digital currency mining not only increases pollution, but it can also interfere with the financial stability of the country.

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