- Oct 25, 2021
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Russia, Kazakhstan, US Accept Most Chinese Mining Rigs
The influx of Chinese miners in several countries which either provide certain regulatory clarity or offer cheap energy has been accompanied by a large transfer of mining equipment. Data compiled by the Financial Times shows that 14 of the world’s biggest crypto mining businesses have evacuated more than 2 million mining machines out of the People’s Republic after the government in Beijing launched a nation-wide
North America and Central Asia have turned into mining hotspots, but it’s Russia that has taken the top spot. The report reveals that at least 205,000 mining devices have been transported to the Russian Federation out of a total of over 430,000. Following China’s decision to go after bitcoin miners, the Russian firm Bitriver received 200,000 machines from Chinese miners, while the Moscow-based Bit Cluster accommodated another 5,000.
Neighboring Kazakhstan has become a major mining destination as well. The country, which maintains a capped electricity rate, now hosts numerous
Both former-Soviet countries are facing challenges related to their growing crypto industries. Russia is yet to regulate the sector with mounting opinions among officials that mining should be
The published figures also show that eight out of the 10 largest crypto farms in North America have expanded the number of mining devices they are hosting since the Chinese ban was enforced. The U.S. is right behind the Central Asian country, having accepted 87,200 mining machines from China. Canada ranks fourth with 35,400, followed by two South American nations — Paraguay with 15,500 and Venezuela with 7,000.
The liquidations in China have depressed the price of mining equipment such as the popular Antminer S19, the Financial Times notes. The model’s value fell by almost 42% from May to July, the newspaper detailed quoting market data provided by mining company Luxor.
Chinese mining hardware manufacturer
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