As crypto miners move abroad, Chinese hydropower plants are sold

According to reports, as crypto miners go abroad while cracking down on mining activities across the country, China’s small hydropower plants are looking for new customers.

According to the South China Morning Post (SCMP), advertisements for small hydropower stations with a capacity of 50 MW have been Soar On Chinese second-hand e-commerce platforms such as Xianyu.

According to the South China Morning Post, some sellers claimed that their listing has nothing to do with the cryptocurrency mining industry, while others stated that their bids were due to the recent crackdown on crypto mining.

According to reports, a seller stated that small dams rely on encrypted mines to work as a customer base because they have not yet received approval from national authorities and environmental protection agencies to connect to the grid.

“If you buy a hydroelectric power station, you can secretly mine cryptocurrency,” a seller told the South China Morning Post.

When the news came out, China’s Bitcoin (Bitcoin) Miners are surrendering or transferring their operations to other countries/regions.According to reports, Bitmain is the world’s largest supplier of crypto mining equipment Stop global spot sales Last week, it provided services to its new crypto miners to avoid customers suffering losses due to massive sell-offs in the secondary market.Some key industry players, including Bitmain’s rival Canaan and the main mining pool BTC.com, have already Relocation business more Crypto mining friendly country For example, Kazakhstan.

related: Affected by cryptocurrency mining, Nvidia GPU prices fall in China

At the same time, the price of mainland GPU A sharp declineSome reports have found that this is the result of declining demand for cryptocurrency miners. According to reports, Asustek’s RTX 3060 card was priced at US$730 earlier this month, lower than the highest price of US$2,100 in May on Tmall, an online retail website operated by JD.com.