China launched a crackdown on its crypto mining industry earlier this year, resulting in a large number of mining companies migrating to more friendly jurisdictions.Miners have been transferring large amounts of coin minting hardware to new bases around the world, and Russia is reported to have the largest share in several attractive destinations, including the United States.
Russia, Kazakhstan, and the United States accept most Chinese mining machines
Chinese miners have flooded into several countries, these countries either provide a certain degree of regulatory clarity, or provide cheap energy, accompanied by a large number of transfers of mining equipment. Data compiled by the British Financial Times shows that after the Beijing government launched a nationwide cryptocurrency mining program, the world’s 14 largest crypto mining companies have evacuated more than 2 million mining machines from the People’s Republic of China. Suppress Industry in May.
North America and Central Asia have become mining hotspots, but Russia occupies the top spot. The report shows that out of a total of more than 430,000 mining equipment, at least 205,000 mining equipment has been shipped to the Russian Federation. After China decided to hunt down Bitcoin miners, the Russian company Bitriver received 200,000 machines from Chinese miners, while Bit Cluster in Moscow housed another 5,000.
Neighboring Kazakhstan has also become a major mining destination.The country maintains its electricity price ceiling and now has many data center Operated by China Mining Corporation. According to the British “Financial Times” data, most of the 87,849 Chinese mining machines relocated came from Bitfufu, which shipped 80,000 machines to the crypto farm in Kazakhstan, and BIT Mining, which shipped 80,000 to the crypto farm in Kazakhstan. Machines. deploy By August, 7,849 devices.
Both of these former Soviet Union countries are facing challenges related to their growing encryption industry.Russia has not yet regulated the industry, and officials increasingly believe that mining should Recognized As a corporate activity and taxed accordingly.Kazakhstan is experiencing a power shortage, which is mainly attributed to crypto miners, and the authorities are considering introducing Register Miners and higher electricity bills.
The published data also showed that since the implementation of the Chinese ban, 8 of the 10 largest cryptocurrency farms in North America have expanded the number of mining equipment they host. The United States followed this Central Asian country and accepted 87,200 mining machines from China. Canada ranked fourth with 35,400 people, followed by two South American countries-Paraguay with 15,500 and Venezuela with 7,000.
The Financial Times pointed out that China’s liquidation has depressed the price of mining equipment such as the popular Antminer S19. The newspaper cited market data provided by the mining company Luxor in detail, and the value of the model dropped by nearly 42% from May to July.
Chinese mining machine manufacturer BitmainThe manufacturer and supply of S19 equipment announced a suspension of sales in June to “help the industry transition smoothly” and reduce market pressure. “The focus of the market has shifted from lack of equipment to lack of placement space,” commented a representative of Russia’s Bitriver.
What do you think of the findings in the report on the migration of miners and mining equipment from China? Share your thoughts on this topic in the comments section below.
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