Sure Blog

Latest Events in the Crypto Industry

Update: China’s Crypto Mining Losses May Be Kazakhstan’s Gain

After the State Council of China recently announced a crackdown on bitcoin mining and trading practices, several well-known mining pools and companies announced they are leaving China, and moving their businesses to other countries. Several mining platforms have announced that they are blocking IP addresses from China.

This may turn to a nearby nation in a bid to continue doing business – with Kazakhstan increasingly looking set to provide a new home for those looking to set up shop outside Mainland China.

Per Kaktus Media, the number of mining operations in the country is “increasing,” while mining “entrepreneurs are getting richer” – with the state happy to take a share of the profits.

A lot of the mining companies have chosen to go overseas under the pressure from the CCP’s regulatory policy. North America is also among the regions they are moving to. Mars Cloud announced that some of its mining machines will be relocated to Kazakhstan, Shenzhen-based BIT Mining has also announced that it will invest in mining in the United States and Kazakhstan. BIT Mining said it intends to invest more than $9 million to build a mining center in Kazakhstan with a local company.

Source: Cryptoslate, The Epoch Times