After Government Crackdown, What Next for Chinese Bitcoin Miners?

What Next for Chinese Bitcoin Miners
  • 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.

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