Chinese Bitcoin Mining Company Moves Entire Operations to Kazakhstan

BIT Mining, a leading Bitcoin mining firm in China, announced it has sent a batch of 320 Bitcoin miners into Kazakhstan, a nation in Central Asia.

BIT Mining’s predecessor was 500. Com, an online sports lottery firm based in Shenzhen, China. Last year, the business switched to Bitcoin mining and changed its name to BIT Mining.

In its official announcement on June 21, the company listed on the New York Stock Exchange (NYSE) stated it had sent a batch of its Bitcoin mining equipment to Kazakhstan.

This is the initial shipment sent by BIT Mining into the Central Asian country, comprising 320 Bitcoin mining systems with a total estimated capacity of 18.2 petahash/second. This system is expected to go into operation from June 27. BIT Mining also shared that they still have two more shipments with a total of 2,600 miners to the same facility.

The move follows a government order last week which ordered the Sichuan Hydroelectricity Center to cut off the grid to stop powering 26 Bitcoin mining centers there. A subsidiary of BIT Mining was also affected in case. BIT Mining’s activity is a fast response on behalf of several Bitcoin “miners” in China to requests from the Xinjiang and Sichuan Governments.

BIT Mining reported that the subsidiary it owns, Ganzi Changhe Hydropower Consumption Services Company, received a note from the Sichuan Provincial Grid Corporation on June 19. The content declared their electricity supply will be suspended, beginning at 9:00 pm June 19 (Beijing time).

“The Ganzi Changhe data center has had to temporarily shut down. Meanwhile, data centers in Sichuan, including Ganzi Changhe Data Center accounted for about 3% of our total revenue in May 2021,” additional BIT Mining from the official announcement.

Ganzi is one of three mountainous areas in the western portion of Sichuan state, near Tibet. This place used to be famous for a good deal of Bitcoin mining “farms” thanks to its abundant hydroelectricity.

In May 2021, BIT Mining also announced that it is investing in mining centers in Texas, the United States and Kazakhstan through joint ventures with local companies. This announcement comes only days after the State Council of the People’s Republic of China discussed the crackdown on Bitcoin mining and trading activities.

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