Report: Chinese Cryptocurrency Miners Sent Platforms To The United States, Canada And Russia

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The Financial Times reported on Sunday that many cryptocurrency miners in exile in China have shipped their platforms to four countries: the United States, Canada, Kazakhstan and Russia.

The report confirmed the Cambridge Center for Alternative Finance’s claim that the United States, Kazakhstan and Russia all started contributing more to Bitcoin’s hashrate after China banned cryptocurrency mining. . It also offered a better idea of ​​how many Bitcoin mining platforms had left China due to the crypto crackdown.

The Financial Times said that “fourteen of the world’s largest crypto mining companies moved more than 2 million machines out of China in the months following the ban.” It is said that an additional 700,000 cryptocurrency miners that are malfunctioning or not worth the costs of shipping to other countries are being stored.

(Image credit: The Financial Times)

It is surprising how many Chinese mining rigs have ended up in Russia. The Cambridge Center for Alternative Finance said Russia’s share of Bitcoin’s hashrate increased from 7% to 11% following China’s ban. The United States has received fewer platforms from exiled companies, but its share of the hashrate has increased from 17% to 35%.

But it is possible that Russian mining operations had no place to set up the rigs they received from Chinese exiles. A spokesperson for BitRiver, which hosts 200,000 of these platforms, told the Financial Times, “The market’s focus has shifted from a lack of equipment to a lack of space for its placement.”

It seems that the United States and Kazakhstan have not faced these problems. Or at least haven’t encountered them on a scale large enough to inhibit the growth of their crypto mining industries. American companies, in particular, have made boastful statements about their intention to set up mining operations consisting of tens of thousands of platforms in exile.

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