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BIT Mining, a cryptocurrency mining company that recently said it will expand outside of China, aims to buy 2,500 Bitcoin miners for deployment in Kazakhstan.
BIT Mining goes to Kazakhstan
BIT Mining announced on Wednesday that it had agreed to buy 2,500 Bitcoin (BTC) mining equipment for $ 6.6 million. The company has already installed 3,819 BTC miners in data centers in Kazakhstan, and 4,033 more are in the pipeline. The addition of the recent mining acquisition is expected to increase BIT Mining’s hash rate capacity to around 458 petahashes per second once everything is in place.
The company shipped its first batch of mining machines to the central Asian country in June, saying at the time that it expected to deliver 2,600 more before early July.
Based in Shenzhen, she said she intends to expand her business outside of China in response to the government’s recent mine crackdown. Following the decision by the State Council’s Financial Stability and Development Committee, which restricted BTC mining due to financial risks, many Chinese companies have reportedly closed their doors.
Following its decision in May to build and manage a data center in Kazakhstan, the New York Stock Exchange-listed company recently received $ 50 million in private funding to expand its international presence in its data centers.
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As the regulatory environment in China appears to be becoming less favorable, several mining companies, such as BIT Mining, have sought other countries to conduct their operations. The crackdown could be an indicator the government is testing the waters for a bigger crypto ban, according to BTC maximalist and Ballet CEO Bobby Lee, who recently told Cointelegraph that the crackdown could be an indication the government is testing them. waters for a bigger crypto ban. OKEx and Huobi both plan to disband China-based business organizations, suggesting crypto firms pick up on the regulatory backlash.
While some of the miners forced to leave China may seek refuge in Texas, Kazakh officials appear to be wooing cryptocurrency firms by allowing local banks to register accounts for cryptocurrency transactions. Last month, Canaan, a major mining company, announced that it had started mining BTC in Kazakhstan. Despite this, or perhaps due to the rush to start new operations, the country has announced that higher taxes will be imposed on minors from January.
BIT Mining also invested $ 25 million in May to build a mining facility in Texas. The company has maintained that it is monitoring current conditions in the cryptocurrency mining machine market and will consider profitable mining machine acquisitions on an opportunistic basis.
BTC/USD retests $40k. Source: TradingView
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Featured Image from Getty Images, Charts from TradingView
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