NYSE-listed BIT Mining Ships 320 Bitcoin Mining Hardware From China to Kazakhstan

NYSE-listed BIT Mining Ships 320 Bitcoin Mining Hardware From China to Kazakhstan

New York Stock Exchange-listed cryptocurrency mining company, BIT Mining has announced that it has shipped a total of 320 mining machines from its data center in Sichuan, China to a new site in Kazakhstan. Per the update shared by the firm, the hardware relocation became necessary as the Chinese government reportedly cut the energy supply to its subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd.

The development from China indicates Beijing is stern with its ban on mining activities, a recurrent trend the crypto ecosystem has witnessed in the past years. The clampdown on mining activities is not expected to keep companies like BIT Mining down for much longer as the shipped hardware is billed to begin operation by June 27, 2021.

The 320 mining machines give out a theoretical maximum total hash rate capacity of 18.2 PH/s. These are billed to be succeeded by the shipping of a second and third batch, totaling 2,600 mining machines. The next two batches have a theoretical maximum total hash rate capacity of 102.3 PH/s.

Mining Ban Comes Amidst Energy Concerns

The ban on mining is based on Bitcoin’s massive energy concerns, however, BIT Mining, through its CEO, Mr. Xianfeng Yang said the firm is “committed to protecting the environment,” as well as in lowering its “carbon footprint.”

“We have been strategically expanding our operations overseas as part of our growth strategy. Following our investments in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas development for alternative high-quality mining resources. We believe our vision and early-mover advantage will enable us to be agile in responding to the globally evolving regulatory environment, which will ultimately contribute to our long-term growth,” he said.

The massive exodus of miners from China has been seen as a good development to help decentralize mining activities. If this is achieved, the threats of clampdowns from the Asian giant will be reasonably tapered down and help prevent the occasional inconsistencies associated with the disruption in mining hashrate. Besides BIT Mining, other top mining firms are also mulling the plans to relocate to other regions with North America being the target for some.