Crypto mining company BIT Mining recently announced that it will expand into the Chinese market and plans to purchase 2,500 Bitcoin mining machines for deployment in Kazakhstan.
In the announcement on Wednesday, BIT Mining stated that it has Enter An agreement worth 6.6 million USD to purchase 2,500 Bitcoins (Bitcoin) Mining equipment. The company has invested 3,819 BTC mining machines in its data center in Kazakhstan, and another 4,033 machines are in use. Once all deployed, it is expected that the recently purchased mining equipment will increase the hash rate capacity of BIT Mining to approximately 458 petahashes per second.
Although headquartered in Shenzhen, BIT Mining has stated that it plans to expand its operations outside of China in response to the recent government crackdown on the mining industry.Many Chinese companies have Reportedly facing shutdown Following the announcement by the Financial Stability and Development Committee of the State Council, BTC mining was restricted due to financial risk concerns.
As China’s regulatory environment does not seem to be favorable, some mining companies, including BIT Mining, have been paying attention to doing business in other countries. BTC minimalist and ballet company CEO Bobby Lee recently told Cointelegraph The crackdown may indicate that the government is testing the waters for a larger encryption ban.Cryptocurrency companies may also accept this regulatory rebound-OKEx and Huobi Both parties plan to disband Commercial entities in China.
Although some miners were driven out of China May turn to Texas Regarding the solution, Kazakhstan’s legislators seem to make themselves more attractive to crypto companies in the following ways Allow local bank account opening Used for cryptocurrency transactions.Large mining company Canaan announced last month It has already started mining BTC in Kazakhstan.Nonetheless, or perhaps because of scrambling to establish a new business, the country has indicated that it plans to Higher taxes on miners Started in January.