11/22/2021- 7:18 a.m.
The Great Crypto Exodus: China’s Ban on Mining Triggers Bitcoin Race to Relocate Machines
From the US to Kazakhstan, 2 MILLION machines belonging to the biggest crypto mining companies have been hastily shipped around the world to continue operations, after a continued crackdown in China. (FT)
Most machines ended up in North America, Russia & Kazakhstan, while thousands are still waiting for release from Chinese shores. 80% of mega mining firms in North America have expanded their operations recently, after China created a wave of panic for those selling up.
“The focus of the market has shifted from a lack of equipment to a lack of space for its placement,” said Roman Zabuga, a spokesperson for BitRiver – a Russia-based company. A couple of weeks before the ban, the company had to turn down a deal with a Chinese client looking to offload another million machines, he said.
