Russia gets a large part of the Chinese Mining machines in the middle of the Miner Exodus, report revealed-mining Bitcoin messages

China's hard approach to his crypto mining sector, which was initiated at the beginning of this year, led to a massive migration of mining companies in friendlier jurisdiction. Miners have a lot of moving coin characteristics of hardware to new bases around the world, with Russia reported to be the largest proportion of several attractive goals, including the USA,

Russia, Kazakhstan, USA accept most Chinese mining rigs

The influx of Chinese miners to several countries that either create a certain regulatory clarity or offer cheap energy was accompanied by a large transfer of mining equipment. Data compiled by the Financial Times show that 14 of the world's largest crypto mining companies have evacuated more than 2 million mining machines from the People's Republic after the government in Beijing a nationwide through the industry in May.

The neighboring Kazakhstan has also developed into an important mining goal. The country that maintains a limited electricity tariff now houses numerous from Chinese Mining companies operated. According to the FT figures, most of the relocated 87,849 Chinese Mining-Rigs from Bitfufu, which shipped 80,000 machines on crypto farms in Kazakhstan, and bit mining, which

Both former Soviet countries face challenges in connection with their growing crypto industry. Russia still has to regulate the sector, whereby the opinion among the civil servants is increasing that the mining should be Activity designated and taxed accordingly. Kazakhstan suffers from a lack of electricity, which is mainly due to crypto-miner, while the authorities on the introduction of thinking Registration for miners and a higher electricity tariff.

The published numbers also show that eight of the 10 largest crypto farms in North America have increased the number of mining devices they hosted since the Chinese ban was enforced. The USA, which has accepted 87,200 mining machines from China, are located directly behind the Central Asian country. Canada took fourth place with 35,400, followed by two South American nations - Paraguay with 15,500 and Venezuela with 7,000.

The liquidations in China have pressed the price of mining equipment such as the popular Antminer S19, the Financial Times notes. The value of the model dropped by almost 42 %from May to July, the newspaper quoted detailed market data of the mining company Luxor.

Chinese manufacturer of mining hardware bitmain , which produces and offers the S19 device, announced in June that it will expose the sale to "facilitate the transfer of the industry" and reduce the market pressure. "The focus of the market has shifted from a lack of equipment to a lack of space for its placement," commented a representative of Bitriver from Russia.

What do you think of the knowledge in the report on the migration of miners and mining equipment from China? Share your thoughts on this topic in the comments below.

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