Earlier today, China’s largest mining pool, F2Pool, announced that it will be leaving China and moving to Kazakhstan. This move comes after the government recently shut down operations at local cryptocurrency exchanges. The move also follows a recent ban by the government on ICOs and strict regulations on foreign cryptocurrency exchanges in the country.
The world’s fifth-largest pool of mining power, which used to be located in China, has left the country to avoid power shortages and surging energy costs. Bitmain, which is based in Beijing, was given the go-ahead to expand its operations in the country earlier this year. However, the company has reportedly decided to relocate its mining operations after the electricity supply failed to keep up with the soaring demand for bitcoin mining, especially in the winter months, according to a report by the South China Morning Post.
The world’s 5th-largest Bitcoin mining pool is leaving China due to a lack of electricity. The mining pool, known as ViaBTC, has been mining with over 150,000 miners since its launch in 2014. It has consistently been ranked as one of the top Bitcoin mining pools in the world.
BTC.com, a large cryptocurrency mining pool operated by BIT Mining and owned by NYSE-listed Chinese lottery service provider 500.com, has announced the successful relocation of its first batch of mining machines to Kazakhstan.
BTC.com was founded by Jihan Wu and managed by Bitmain and Bitdeer until its acquisition by 500.com in February this year. At the time of writing, the pool is the fifth largest in the world, validating 10.4% of the blocks in the Bitcoin blockchain (BTC).
The decision was made after the company learned from the national power grid in western Sichuan province that the power supply to one of its local data centers would soon be interrupted. In its announcement yesterday, BIT Mining said:
The 19th. In June 2023, the Company’s indirect subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd. […] has received a notice […] from State Grid Sichuan Ganzi Electric Power Co. […] to inform the Ganzi Changhe data center that the power supply will be cut off from 21:00 Beijing time on 19. June 2023. The Ganzi Changhe data centre is no longer in operation. The data centers in Sichuan, including the Ganzi Changhe data center, contributed approximately 3% to the Company’s total revenues in May 2023.
The intervention of state-owned networks is taking place while China is cracking down on cryptocurrency mining due to concerns about the mining industry’s carbon footprint, which runs counter to China’s goals of decarbonizing the economy.
In areas like Inner Mongolia, once popular with cryptocurrency miners, regional authorities have even set up a special hotline where local residents can report suspected illegal mining activities directly. Under this pressure, at least three mining companies – BTC.TOP, Huobi and HashCow – were recently forced to cease operations on the continent.
The CEO of BIT Mining, Xianfeng Yang, explained this background by saying that the company is committed to protecting the environment and reducing its carbon footprint. As part of our growth strategy, we are strategically expanding abroad. After investing in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas expansion in search of high-quality alternative mining resources.
Related: China’s bitcoin mining faces stricter scrutiny over carbon issues
China was one of the first countries to speak out against miners mining cryptocurrencies, but authorities in other countries are increasingly voicing concerns about energy-intensive mining sites, not for climate reasons, but because of their impact on local energy supplies. In late April, a former government official said cryptocurrency mining was a major cause of Kyrgyzstan’s energy crisis. Similar concerns were expressed in the Caucasus and Iran.
According to China, global regulators and non-profits, Elon Musk caused a stir this year when he announced that his company would no longer accept BTC as payment for cars, due to concerns about the high energy consumption associated with bitcoin mining.The world’s fifth-largest bitcoin mining pool, F2Pool, announced its imminent suspension of operations in China, leaving the country’s bitcoin network for the time being completely under the control of smaller Chinese pools.. Read more about xinjiang blackout and let us know what you think.
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