FT: Russia hosts China’s exiled crypto machines after ban

MOSCOW, Nov 22 (PRIME) -- China’s ban on cryptocurrency mining in May triggered an exodus of miners and a global race to relocate millions of the clunky, power intensive machines they use to solve complex puzzles and earn bitcoin, mainly to some countries, including Russia, The Financial Times reported on Monday.

“Fourteen of the biggest crypto mining companies in the world have moved more than 2 million machines out of China in the months following the ban, according to data gathered by the Financial Times (FT). The lion’s share of machines was hastily moved to the U.S., Canada, Kazakhstan, and Russia,” the daily said.

Outside the U.S, Kazakhstan has become a leading mining center. FT data show the bulk of the machines going to Kazakhstan came from Chinese mining company Bitfufu, which shipped 80,000 machines to farms in Kazakhstan, and BIT Mining, which shipped 7,849 machines by August.

Another beneficiary of China’s ban was Russia, where in the weeks following China’s cryptocurrency mining ban, Moscow-based infrastructure hosting company Bit Cluster received over 5,000 machines from China, while Russian crypto mining company BitRiver said that since the ban it is now hosting 1.8 million machines from exiled Chinese miners.

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