Friday, July 30, 2021

Crypto mining pool BTC.com is leaving China after local authorities deny electricity.

The Takeaway:

Crypto mining pool BTC.com is moving its operations from China to Kazakhastan after local authorities withdrew its power supply.

ADVERTISEMENTKillerlaunch domains

BTC.com, one of the leading crypto mining pools, has announced the successful relocation of its first batch of mining machines to Kazakhstan. BTC.com is a major crypto mining pool that is operated by BIT Mining and owned by the NYSE-listed Chinese lottery service provider 500.com. As of the time of writing, the pool is the world’s fifth-largest, validating 10.4% of blocks on the Bitcoin blockchain. 

 

China’s latest crackdown on crypto mining causes miners to migrate.

BTC.com’s relocation comes after the state grid notified the company in western Sichuan province that the power supply serving one of its local data centers would be suspended imminently. BIT Mining noted in its announcement, “Ganzi Changhe Data Center has since suspended its operations. Data centers in Sichuan, including the Ganzi Changhe Data Center, contributed approximately 3% of the company’s total revenues in the month of May 2021.” The recent intervention from the state grid comes amid an ongoing crackdown on crypto mining by the Chinese state due to the industry’s excessive carbon emissions, which runs counter to China’s decarbonization targets. 

 

BIT Mining CEO says they are committed to lowering their carbon footprint. 

BIT Mining CEO Xianfeng Yang said that the company is “committed to protecting the environment and lowering our carbon footprint. 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.” Several other mining companies are moving towards green energy in order to reduce the impact of mining on the environment. Earlier when Tesla CEO Elon Musk announced to discontinue BTC payments for Tesla products citing environmental impact, Bitcoin got a lot of criticism from regulators for its mining process. 

ADVERTISEMENTBtrz jokerbtc 728x90 en

Disclaimer: The article reflects the opinions of the author and is not representative of Chaintimes’ views.
The article does not offer any investment advice. User discretion is advised when investing in or trading with cryptocurrency. Extensive and diligent research should be carried out by the reader before making a decision.

Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

Leave A Reply

Please enter your comment!
Please enter your name here