BTC.com — a significant crypto mining pool that’s operated by BIT Mining and owned by the NYSE-listed Chinese language lottery service supplier 500.com — has announced the profitable relocation of its first batch of mining machines to Kazakhstan.
BTC.com was based by Jihan Wu and was operated by Bitmain and Bitdeer till its acquisition by 500.com this February. As of the time of writing, the pool is the world’s fifth-largest, validating 10.4% of blocks on the Bitcoin (BTC) blockchain.
The relocation comes after the corporate was notified by the state grid in western Sichuan province that the facility provide serving considered one of its native knowledge facilities could be suspended imminently. In its announcement yesterday, BIT Mining acknowledged:
“On June 19, 2021, the Firm’s not directly held subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd […] obtained discover […] from State Grid Sichuan Ganzi Electrical Energy Co., Ltd. […] informing Ganzi Changhe Information Middle, that its energy provide could be suspended, efficient 9:00pm Beijing time, June 19, 2021. Ganzi Changhe Information Middle has since suspended its operations. Information facilities in Sichuan, together with the Ganzi Changhe Information Middle, contributed roughly 3% of the Firm’s complete revenues within the month of Could 2021.”
The intervention from the state grid comes amid an ongoing crackdown on crypto mining by the Chinese language state resulting from issues over the mining trade’s carbon footprint, which runs counter to China’s decarbonization targets.
In areas comparable to Interior Mongolia, as soon as standard with crypto miners, regional authorities have even established a devoted hotline for the native public to directly report any suspected illicit mining activities. Amid these pressures, at the very least three mining firms — BTC.TOP, Huobi and HashCow — have lately been pushed to cease their activities on the mainland.
BIT Mining CEO Xianfeng Yang has gestured in the direction of this backdrop, claiming that the corporate is “dedicated to defending the setting and decreasing our carbon footprint. We now have been strategically increasing our operations abroad as a part of our progress technique. Following our investments in cryptocurrency mining knowledge facilities in Texas and Kazakhstan, we’re accelerating our abroad growth for various high-quality mining assets.”
Whereas China has been an early mover in opposition to crypto miners, authorities elsewhere are more and more signaling their issues about power-guzzling mining websites; for essentially the most half much less on local weather grounds than for his or her affect on native vitality provision. In late April, a former authorities official argued that crypto mining was a major driver of the energy crisis in Kyrgyzstan. Comparable issues have been voiced in the Caucasus and Iran.
In keeping with China, global regulators and nonprofits, Elon Musk this yr made a notorious intervention when he introduced the corporate would not be accepting BTC as fee for autos resulting from issues concerning the excessive vitality consumption of Bitcoin mining.