Friday, July 30, 2021

Bitcoin mining firm The9 City looks to relocate to Russia after the Chinese crackdown on crypto mining.

The Takeaway:

Shanghai-based online gaming and bitcoin mining firm The9 City has signed an agreement with Russia-based colocation provider BitRiver for a capacity of 15 megawatts.

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Shanghai-based online gaming and bitcoin mining firm The9 City announced an agreement with Russia-based colocation provider BitRiver for a capacity of 15 megawatts. The bitcoin mining firm said the initial hosting period with BitRiver would be two years, after which it can be extended for another year. It’s part of The9’s ongoing effort to seek electricity and facilities in different regions to deploy its bitcoin mining equipment either through proprietary capacity or colocation providers.

 

The9 only recently turned to bitcoin mining. 

Originally an online gaming firm listed on Nasdaq, The9 only recently turned to bitcoin mining in January and began operating in February. As of the end of March, the firm owned about 126 BTC, per a regulatory filing in the U.S. The9 is facing regulatory headwinds due to provincial governments in China handing down orders to cut off energy supplies for bitcoin mining facilities in June. China’s crackdown on crypto mining and the crypto industry has caused firms to seek solace outside the Asian country. 

 

The9 is one of several U.S.-listed Chinese bitcoin mining firms.

The9 is one of several U.S.-listed Chinese bitcoin mining firms that have been affected by China’s crackdown on the industry. Earlier, NYSE-listed BIT Mining, previously known as 500.com, announced its relocation plan to Kazahkstan last month as its mining facilities in Sichuan were ordered to shut down by the authorities. Bitcoin mining colocation providers outside the Asian country have already announced plans to scale up power capacities anticipating Chinese miners’ exodus following the government crackdown. The environmental impact of bitcoin mining has been a major concern among regulators and the crypto community, which mining firms are actively addressing by continuously turning to clean energy. 

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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.

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