BTC.com — a significant crypto mining pool that’s operated by BIT Mining and owned by the NYSE-listed Chinese language lottery service supplier 500.com — has announced the profitable relocation of its first batch of mining machines to Kazakhstan.
BTC.com was based by Jihan Wu and was operated by Bitmain and Bitdeer till its acquisition by 500.com this February. As of the time of writing, the pool is the world’s fifth-largest, validating 10.4% of blocks on the Bitcoin (BTC) blockchain.
The relocation comes after the corporate was notified by the state grid in western Sichuan province that the facility provide serving one among its native information facilities can be suspended imminently. In its announcement yesterday, BIT Mining said:
“On June 19, 2021, the Firm’s not directly held subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd […] obtained discover […] from State Grid Sichuan Ganzi Electrical Energy Co., Ltd. […] informing Ganzi Changhe Knowledge Middle, that its energy provide can be suspended, efficient 9:00pm Beijing time, June 19, 2021. Ganzi Changhe Knowledge Middle has since suspended its operations. Knowledge facilities in Sichuan, together with the Ganzi Changhe Knowledge Middle, contributed roughly 3% of the Firm’s complete revenues within the month of Might 2021.”
The intervention from the state grid comes amid an ongoing crackdown on crypto mining by the Chinese language state because of considerations over the mining trade’s carbon footprint, which runs counter to China’s decarbonization targets.
In areas akin to Inside Mongolia, as soon as widespread with crypto miners, regional authorities have even established a devoted hotline for the native public to directly report any suspected illicit mining activities. Amid these pressures, no less than three mining firms — BTC.TOP, Huobi and HashCow — have not too long ago been pushed to cease their activities on the mainland.
BIT Mining CEO Xianfeng Yang has gestured in direction of this backdrop, claiming that the corporate is “dedicated to defending the setting and decreasing our carbon footprint. Now we have been strategically increasing our operations abroad as a part of our development technique. Following our investments in cryptocurrency mining information facilities in Texas and Kazakhstan, we’re accelerating our abroad growth for different high-quality mining sources.”
Whereas China has been an early mover in opposition to crypto miners, authorities elsewhere are more and more signaling their considerations about power-guzzling mining websites; for probably the most half much less on local weather grounds than for his or her impression on native power provision. In late April, a former authorities official argued that crypto mining was a major driver of the energy crisis in Kyrgyzstan. Related considerations have been voiced in the Caucasus and Iran.
According to China, global regulators and nonprofits, Elon Musk this 12 months made a notorious intervention when he introduced the corporate would not be accepting BTC as cost for autos because of considerations concerning the excessive power consumption of Bitcoin mining.