Power failure, the world’s fifth largest mining pool leaves China for Kazakhstan

BTC.com — a major crypto mining pool, powered by BIT Mining and have 500.com, a Chinese lottery service provider listed on the New York Stock Exchange — owned Announce The first batch of mining machines were successfully relocated to Kazakhstan.

BTC.com was founded by Wu Jihan and operated by Bitmain and Bitdeer until it was acquired by 500.com in February this year.At the time of writing, swimming pools are the world’s Fifth largest, Verify 10.4% of blocks on Bitcoin (Bitcoin) Blockchain.

The relocation was carried out after the company received a notice from the State Grid in Western Sichuan Province that the power supply to one of its local data centers was about to be suspended. In yesterday’s announcement, BIT Mining stated:

“On June 19, 2021, the company’s indirect holding subsidiary Ganzi Changhe Hydropower Consumer Service Co., Ltd. […] Receive notification […] State Grid Sichuan Ganzi Electric Power Co., Ltd. […] The Ganzi Changhe Data Center is notified of the power outage, which will take effect from 9:00 pm on June 19, 2021, Beijing time. Ganzi Changhe Data Center has suspended operations. In May 2021, the Sichuan Data Center, including the Ganzi Changhe Data Center, contributed about 3% of the company’s total revenue. “

State Grid’s intervention is positive Continue to crack down on cryptocurrency mining The Chinese government is concerned about the carbon footprint of the mining industry, which runs counter to China’s carbon footprint. Decarbonization goal.

In Inner Mongolia and other areas that were once popular with crypto miners, local authorities even set up a special hotline for the local public to understand Directly report any suspected illegal mining activities. Under these pressures, at least Three mining companies — BTC.TOP, Huobi and HashCow — have recently been promoted to Stop their activities on the mainland.

Yang Xianfeng, CEO of Bit Mining, said in response to this background that the company is “committed to protecting the environment and reducing its carbon footprint. As part of our growth strategy, we have been strategically expanding our overseas business. Following our presence in Texas After investing in a cryptocurrency mining data center with Kazakhstan, we are accelerating the development of alternative high-quality mining resources overseas.”

related: Due to carbon emissions, China’s Bitcoin mining will undergo “tighter regulation”

Although China has always been a pioneer in opposing crypto miners, authorities in other places are increasingly expressing their concerns about power-hungry mines; in most cases, it is not so much the climate, as it is their supply of local energy. Impact. In late April, a former government official argued that cryptocurrency mining is a form of The main driver of the energy crisis In Kyrgyzstan.Similar concerns are already Caucasus with Iran.

Consistent with China, Global regulators and non-profit organizations, Elon Musk this year Conducted a notorious intervention When he announced that due to concerns about the high energy consumption of Bitcoin mining, the company would no longer accept BTC as payment for vehicles.