Russia Gets Bulk of Chinese Mining Machines Amid Miners’ Exodus, Report Reveals – Mining Bitcoin News

China’s crackdown on its crypto mining sector, launched earlier this year, caused a massive migration of mining enterprises to friendlier jurisdictions. The move of huge quantities of crypto mining hardware by miners to other locations around the world has been remarkable. Russia is reported as having the highest share, although there are many more attractive options, like the U.S.

Russia, Kazakhstan, US Accept Most Chinese Mining Rigs

Many mining machines have been transferred as a result of the large influx of Chinese miner workers in countries with low energy prices or regulatory clarity. Data compiled by the Financial Times shows that 14 of the world’s biggest crypto mining businesses have evacuated more than 2 million mining machines out of the People’s Republic after the government in Beijing launched a nation-wide crackdown on the industry in May.

North America and Central Asia have turned into mining hotspots, but it’s Russia that has taken the top spot. Out of more than 430,000, at least 205,000 of the world’s most popular mining equipment have been shipped to Russia. Following China’s decision to go after bitcoin miners, the Russian firm Bitriver received 200,000 machines from Chinese miners, while the Moscow-based Bit Cluster accommodated another 5,000.

Russia Gets Bulk of Chinese Mining Machines Amid Miners’ Exodus, Report Reveals

The neighboring Kazakhstan is also a popular mining destination. This country has many data centers that are run by Chinese mining firms. It also maintains an electricity cap. According to the FT, the majority of the 87.849 Chinese-operated mining rigs that were moved to China came from Bitfufu. Bitfufu sent 80,000 devices to Kazakhstani crypto farms, while BIT Mining had 7,849 machines by August.

The growing cryptocurrency industries are causing problems in both former Soviet countries. Russia has yet to regulate this sector. There are growing opinions within the government that mining should become an entrepreneurial activity, and be taxed accordingly. While Kazakhstan has been experiencing severe power problems, authorities have begun to consider registering miners for higher electricity rates and adding them to their register.

These figures show that 8 out 10 of America’s largest crypto farms host more mining machines than before the Chinese ban. America is second in Central Asia, with 87.200 machines being accepted from China. Canada ranks fourth with 35,400, followed by two South American nations — Paraguay with 15,500 and Venezuela with 7,000.

According to the Financial Times, China’s liquidations have lowered the prices of popular mining equipment like the Antminer S19. The model’s value fell by almost 42% from May to July, the newspaper detailed quoting market data provided by mining company Luxor.

Chinese mining hardware manufacturer Bitmain, which builds and offers the S19 device, announced in June it was suspending sales to “help the industry transition smoothly” and reduce market pressure. “The focus of the market has shifted from a lack of equipment to a lack of space for its placement,” a representative of Russia’s Bitriver commented.

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Bitcoin Miners, Bitcoin Mining Canada. Cryptocurrencies. Cryptocurrencies. influx. Kazakhstan. Migratory exodus. Miners. Mining Devices. Mining equipment. Mining hardware. Mining machines. Paraguay. Russia.

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