- Chinese Bitcoin miners are either shutting down or relocating amid government crackdown.
- Those that did not exit the market are selling bitcoins to move to crypto mining-friendly places like Texas and Kazakhstan.
- Publicly-traded Chinese Bitcoin mining firm BIT Mining has shipped 320 machines to Kazakhstan to restart its operations.
The Chinese government has ordered the closing of Bitcoin mining activities within the country. This has affected the Bitcoin community at large, especially because more than half of the network’s hashing power comes from Chinese miners.
Now that these Chinese miners cannot mine bitcoins in the country any longer, what will they do? According to crypto analyst Lark Davis, some have already sold their bitcoins to exit the market and regain their investments. Also, others are selling their bitcoins to fund their next move.
As a matter of fact, Chinese Bitcoin mining firm BIT Mining announced that it has sent its first batch of equipment to Kazakhstan. The firm shipped at least 320 machines in this first batch, with more than 2,600 to follow before July. According to CEO Xianfeng Yang, the move was to “protect” the environment and lower their carbon footprint.
Yang added,
“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.”
He is hopeful that acting swiftly at this moment will benefit them in the long run.
With this stringent crackdown on BTC mining, the price of the cryptocurrency has taken an even deeper plunge. A couple of hours ago, BTC price fell slightly below $30,000, even though it appears to have recovered slightly. At the time of writing, Bitcoin price is $31,056.47, according to CoinGecko.
Related News
disclaimer read moreCrypto News Land, also abbreviated as "CNL", is an independent media entity - we are not affiliated with any company in the blockchain and cryptocurrency industry. We aim to provide fresh and relevant content that will help build up the crypto space since we believe in its potential to impact the world for the better. All of our news sources are credible and accurate as we know it, although we do not make any warranty as to the validity of their statements as well as their motive behind it. While we make sure to double-check the veracity of information from our sources, we do not make any assurances as to the timeliness and completeness of any information in our website as provided by our sources. Moreover, we disclaim any information on our website as investment or financial advice. We encourage all visitors to do your own research and consult with an expert in the relevant subject before making any investment or trading decision.
