omdok
No Result
View All Result
Saturday, May 21, 2022
  • Login
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate
Subscribe
omdok
  • Home
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate
No Result
View All Result
omdok
No Result
View All Result
Home Business

Bitcoin miners are fleeing China following a crackdown, exodus has begun

June 23, 2021
in Business, Cryptocurrency
137 4
A technician walks past rows of supercomputers inside Haobtc's BitCoin mining facility outside West Sichuan's ethnic Tibetan frontier town Kangding. This facility houses approximately 10,000 supercomputers that operate 24 hours a day to solve mathematical equations and generate the virtual currency.

A technician walks past rows of supercomputers inside Haobtc's BitCoin mining facility outside West Sichuan's ethnic Tibetan frontier town Kangding. This facility houses approximately 10,000 supercomputers that operate 24 hours a day to solve mathematical equations and generate the virtual currency.

162
SHARES
2k
VIEWS
Share on FacebookShare on Twitter
The exodus of Bitcoin miners from China has begun.

Following China’s central bank’s crypto crackdown, Shenzhen-based BIT Mining has shipped the first tranche of its mining machines to Kazakhstan.

China, which is home to more than half of the world’s Bitcoin miners, is attempting to eradicate unofficial crypto activity by imposing restrictions on mining and trading.

BIT Mining is exiting China after being informed by the local energy supplier that power to its Shenzhen operation would be cut off.

The mining company confirmed to the US stock exchange that it has shipped 320 machines to Kazakhstan, with plans to ship another 2600 by the end of this month.

At the SberBit mining 'hotel' in Moscow, Russia, a cryptocurrency mining rig comprised of Asus Strix machines is in operation.
At the SberBit mining ‘hotel’ in Moscow, Russia, a cryptocurrency mining rig comprised of Asus Strix machines is in operation.

Additionally, BIT Mining’s contingency plans include the establishment of a new mining hub in Texas.

BIT Mining was one of 26 Bitcoin mining operations on Sichuan’s shutdown hit list released last Thursday.

Until now, latest data estimates indicate that approximately three-quarters of all Bitcoin mining has occurred in China, primarily in four provinces: Sichuan, Xinjiang, Inner Mongolia, and Yunnan.

Bitcoin mining consumes a tremendous amount of energy, which has recently cast doubt on the market’s green credentials and resulted in some price volatility.

Kazakhstan, with its abundant coal reserves, appears to be an ideal alternative to China’s hydropower and coal-rich provinces.

Central Asia, Eastern Europe, the United States of America, and Northern Europe are also being promoted as viable alternatives for miners fleeing China.

SOURCE: CoinDesk at 11 a.m. on June 23, 2021.
SOURCE: CoinDesk at 11 a.m. on June 23, 2021.

Cryptocurrencies continue to face significant pressure from China, which has been signaling a more aggressive push to restrict their use for months.

The People’s Bank of China summoned Alipay, the popular online payments platform run by Jack Ma’s Ant Group, and five major lenders on Monday, instructing them to “thoroughly investigate and identify” cryptocurrency exchanges and dealers in order to halt cryptocurrency trading.

China’s escalating crackdown is also intended to bolster the government-backed digital yuan initiative, which authorities hope to implement in order to control money flows.

Bitcoin and other cryptocurrencies have plummeted in value over the last seven days as a result of China’s central bank’s actions.

Tags: BitcoinCrypto
  • Trending
  • Comments
  • Latest
At Dubai International Airport in the United Arab Emirates, Emirates aircraft are parked.

Dubai Airports’ CEO blasts the UK’s travel ban as wrong and impractical

April 29, 2021
Trader on the floor of the New York Stock Exchange.

Stock markets will break free of their current stalemate and resume their rally

May 5, 2021
Janet Yellen, the US Treasury Secretary, warned of the “explosion of risk” associated with cryptocurrency.

Regulate cryptocurrency market being characterized explosion of risk

May 22, 2021
President Biden must maintain unity among his party's moderates and progressives, given their slender congressional majorities.

The Biden Tax Plan Relies on Banks to Assist in the Recovery of Unreported Income

April 29, 2021
President Biden must maintain unity among his party's moderates and progressives, given their slender congressional majorities.

The Biden Tax Plan Relies on Banks to Assist in the Recovery of Unreported Income

0
President Biden's American Families Plan is predicated on $700 billion in revenue generated, according to the administration, by a major expansion of the Internal Revenue Service.

Biden’s Obstacle: Advancing His Agenda in Congress as the Window Closes

0
On Wednesday, President Biden launched the $1.8 trillion American Families Plan during his inaugural speech to Congress.

The Economic Plan Proposed by President Biden Will Redistribute Trillions

0
President Joe Biden addressed a joint session of Congress on Wednesday, summarizing his first 100 days in office and outlining his development strategy.

In His Address to Congress, Biden Advances a Wide Economic Agenda

0
Tim Cook, Apple's CEO, has always believed that even when the economy is bad, Apple should keep investing in the future.

Wall Street is giving Big Tech a beating:Facebook, Apple, Amazon, Microsoft and Google

May 21, 2022
In 2001, Mr. Welch was at the G.E. office in New York. During his time at the company, he set the standard for how other CEOs should act.

Jack Welch leadership quotes, chief executive of General Electric wiki net worth

May 21, 2022
In Hong Kong, stocks of Chinese internet companies dragged down wider benchmarks.

Dow Jones stock markets futures now yesterday, S&P tgt wmt stock price

May 20, 2022
Last month, Do Kwon, one of the founders and the CEO of Terraform Labs, was at the company's offices in Seoul. Terraform Labs made the cryptocurrencies Luna and TerraUSD, which crashed last week in a spectacular way.

Do Kwon terra luna news stocktwits crypto price prediction 2023, wrapped token

May 19, 2022

Market News

In 2001, Mr. Welch was at the G.E. office in New York. During his time at the company, he set the standard for how other CEOs should act.
Business

Jack Welch leadership quotes, chief executive of General Electric wiki net worth

by adminmi
May 21, 2022
0

What Jack Welch's time at General Electric gave us The tweets of Elon Musk. The person who was once called...

Read more
In Hong Kong, stocks of Chinese internet companies dragged down wider benchmarks.

Dow Jones stock markets futures now yesterday, S&P tgt wmt stock price

May 20, 2022
Last month, Do Kwon, one of the founders and the CEO of Terraform Labs, was at the company's offices in Seoul. Terraform Labs made the cryptocurrencies Luna and TerraUSD, which crashed last week in a spectacular way.

Do Kwon terra luna news stocktwits crypto price prediction 2023, wrapped token

May 19, 2022
Amin H. Nasser, the CEO of Saudi Aramco, said that the company was making more oil and gas "to meet expected growth in demand."

Saudi Aramco nasdaq stock symbol, sabic tadawul earnings share price chart

May 16, 2022
A double exposure picture of the New York Stock Exchange on Wall Street.

Asian wba dow jones stock markets futures, now today and tomorrow

May 16, 2022
Tech

Wall Street is giving Big Tech a beating:Facebook, Apple, Amazon, Microsoft and Google

May 21, 2022

Categories

  • Business
  • Cryptocurrency
  • Economy
  • Gadget
  • Markets
  • Politics
  • Real Estate
  • Startup
  • Tech
  • Uncategorized
  • World

Site Navigation

  • Home
  • Advertisement
  • Contact Us
  • Privacy & Policy
  • Other Links
omdok

About the latest trends in the business world in-depth features on a variety of topics. Focus on the intersection between business and pop culture and between business and politics.

omdok.com © 2021 all rights reserved

No Result
View All Result
  • Advertisement
  • Contact Us
  • Homepages
  • World
  • Economy
  • Business
  • Markets
  • Tech
  • Real Estate

omdok.com © 2021 all rights reserved

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version