Crypto Miner BTC.com Leaves China Due to Power Supply Cuts
BTC.com, the 5th largest cryptocurrency miner in the world, has just announced it is leaving China and moving its operations to Kazakhstan as a result of the measures adopted by the Chinese authorities against the mining sector.
According to the miner, it has decided to start relocating its mining devices from China to Kazakhstan because of China’s decision of cutting power supply to crypto mining companies in a lot of provinces in the country, being Sichuan the latest.
The cryptocurrency miner, which is owned by the NYSE-listed Chinese lottery service provider 500.com, has already relocated its first batch of miners to Kazakhstan after being notified by the state grid in Sichuan that the power supply to its mining centers in the area would be suspended immediately.
“On June 19, 2021, the Company’s indirectly held subsidiary, Ganzi Changhe Hydropower Consumption Service Co. Ltd […] received notice […] from State Grid Sichuan Ganzi Electric Power Co., Ltd. […] informing Ganzi Changhe Data Center, that its power supply would be suspended, effective 9:00pm Beijing time, June 19, 2021. Ganzi Changhe Data Center has since suspended its operations. Data centers in Sichuan, including the Ganzi Changhe Data Center, contributed approximately 3% of the Company’s total revenues in the month of May 2021.”