Denied electricity, world’s 5th-largest mining pool leaves China for Kazakhstan



BTC.com — a serious crypto mining pool that’s operated by BIT Mining and owned by the NYSE-listed Chinese language lottery service supplier 500.com — has introduced 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 ability provide serving one in every of its native information facilities could 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 Heart, that its energy provide could be suspended, efficient 9:00pm Beijing time, June 19, 2021. Ganzi Changhe Knowledge Heart has since suspended its operations. Knowledge facilities in Sichuan, together with the Ganzi Changhe Knowledge Heart, contributed roughly 3% of the Firm’s whole revenues within the month of Could 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 similar to Internal Mongolia, as soon as widespread with crypto miners, regional authorities have even established a devoted hotline for the native public to immediately report any suspected illicit mining actions. Amid these pressures, no less than three mining companies — BTC.TOP, Huobi and HashCow — have just lately been pushed to stop their actions on the mainland. 

BIT Mining CEO Xianfeng Yang has gestured in the direction of this backdrop, claiming that the corporate is “dedicated to defending the atmosphere and decreasing our carbon footprint. We have now been strategically increasing our operations abroad as a part of our progress technique. Following our investments in cryptocurrency mining information facilities in Texas and Kazakhstan, we’re accelerating our abroad improvement for various high-quality mining assets.”

Associated: Bitcoin mining in China set for ‘stricter supervision’ because of carbon considerations

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 influence on native vitality provision. In late April, a former authorities official argued that crypto mining was a serious driver of the vitality disaster in Kyrgyzstan.  Comparable considerations have been voiced in the Caucasus and Iran. 

In step with China, international regulators and nonprofits, Elon Musk this 12 months made a infamous intervention when he introduced the corporate would now not be accepting BTC as fee for autos because of considerations concerning the excessive vitality consumption of Bitcoin mining.