BIT Mining steps up Bitcoin mining operations in Kazakhstan

Crypto mining agency BIT Mining, which not too long ago introduced it might be increasing out of the Chinese language market, plans to buy 2,500 Bitcoin miners for deployment in Kazakhstan.

In a Wednesday announcement, BIT Mining mentioned it had entered a $6.6 million settlement to purchase 2,500 Bitcoin (BTC) mining rigs. The agency has already put 3,819 BTC miners into operation at knowledge facilities in Kazakhstan, with one other 4,033 machines on the way in which. As soon as all are deployed, the addition of the current mining buy is anticipated to extend BIT Mining’s hash price capability to roughly 458 petahashes per second.

Although based mostly within the metropolis of Shenzhen, BIT Mining has mentioned it plans to increase its operations outdoors of China in response to the current authorities crackdown on mining. Many Chinese language companies have reportedly confronted shutdowns following the State Council’s Monetary Stability and Improvement Committee announcement, curbing BTC mining amid monetary threat considerations.

Associated: Crypto miner claims all main Yunnan operations shut down upfront of CCP anniversary

Some mining companies together with BIT Mining have been eyeing different international locations to conduct operations because the regulatory setting in China turns into seemingly much less favorable. BTC maximalist and Ballet CEO Bobby Lee not too long ago advised Cointelegraph the crackdown might be a sign that the federal government is testing the waters for a bigger crypto ban. Crypto companies could also be selecting up on this regulatory backlash as effectively — OKEx and Huobi each plan to dissolve Chinese language-based enterprise entities.

Whereas a few of the miners pushed out of China could also be turning to Texas for options, lawmakers in Kazakhstan appear to be making themselves extra enticing to crypto companies by permitting native banks to open accounts for cryptocurrency transactions. Main mining agency Canaan introduced final month that it had begun mining BTC in Kazakhstan. Regardless of this, or maybe due to the scramble to determine new operations, the nation has mentioned it plans to impose greater taxes on miners beginning in January.