BTC.com, a large cryptocurrency mining pool operated by BIT Mining and owned by Chinese lottery service provider 500.com, has announced the successful relocation of its first batch of mining machines to Kazakhstan.
BTC.com was founded by Jihan Wu and was operated by Bitmain and Bitdeer prior to its acquisition by 500.com in February this year. As of this writing, this pool is the fifth largest in the world, verifying 10.4% of the blocks on the Bitcoin (BTC) blockchain.
The move began after the company was notified by the authorities in the western province of Sichuan that the power supply was cut off due to its economy. In its announcement yesterday, BIT Mining stated:
On June 19, 2021, a subsidiary indirectly owned by the company, Ganzi Changhe Hydropower Consuming Service Co. Ltd has received a notice from State Grid Sichuan Ganzi Electric Power Co., Ltd … that its power supply will be suspended from 21:00 Beijing time on June 19, 2021. Since then, the Ganzi Changhe Data Center has been suspended. Data centers in Sichuan province, including the Ganzi Changhe data center, accounted for approximately 3% of the company’s total revenue in May 2021.
Amid pressure from the authorities, at least three mining companies BTC.TOP, Huobi and HashCow were forced to cease operations on the mainland.
Meanwhile, other governments are also expressing concerns about the high energy consumption of mining farms. In late April, a former Kyrgyz official claimed that cryptocurrency mining was the main cause of the country’s energy crisis. Iranian officials have made similar statements more than once.
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