Chinese Miners on the Move Amid Growing Clampdown

Slush Pool revealed in its report that the massive Bitcoin mining machines in China that are equivalent to the entire electricity output of Quebec would now be moving to Europe and North American.

In a series of tweets, Edward Evenson announced that half of the Chinese miners are eyeing Europe, while others have already started moving their hardware to South Asian Kazakhstan. Evenson said,

I’ve had 300-400MW of mining machines contact me to help them distribute their machines across NA and some parts of EU. Some have also begun shipping machines to Kazakhstan.

Reportedly, a local news publication in Canada reported that as many as ninety mining systems in Quebec use nearly 400 hundred megawatts of electricity. This development comes as the government in Beijing ramped up its crackdown on the digital assets’ miners, primarily because of environmental concerns, which has triggered a significant shift in the mining industry. 

Per the reports, the Chinese miners accounted for almost 65 percent of the global BTC mining. However, the recent clampdown has forced many companies, including BTC.TOP which accounts for more than two percent of the world’s hash rate to halt its operations. 

Kyrgyzstan Seizes Over 2000 Crypto Mining Machines

The government agencies in Kyrgyzstan have seized more than 2000 crypto mining devices as part of its crackdown on illegal mining activities in the country. Most of the raids were conducted in the country’s capital.

Officials described the mining activities as “colossal damage” to the country and revealed the major firms providing electricity supplies to these mining facilities. According to reports, law enforcement has confiscated a flurry of mining devices from Bishkek’s free economic zone.

Following the operation by police, it said in a statement that the police officials are working towards determining the people involved in the mining operations.

Crypto.com Vows To Go Carbon Neutral in 18 Months

Separately, a prominent digital assets exchange Crypto.com has revealed its plans to become fully carbon-negative in eighteen months. The announcement came after several other exchanges, including BitMEX and FTX, made identical decisions.

The Hong Kong-based crypto company plans include assessing the carbon produced from crypto trading, withdrawals, and deposits, as well as the non-trading activities as part of its carbon-neutral plans.

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