Chinese BTC miners are set to settle in North America and Europe

Edward Evenson, Head of Business Development for Slush Pool Owner, Braiins, reports that a large number of Chinese BTC mining machines, equivalent to all production in Quebec, will be relocated to North America and Europe.

In a Twitter thread on May 28th Evenson announced that some Chinese BTC miners also have their sights set on Europe and that others have already started moving machines to Kazakhstan:TO

“For those interested in #bitcoin mining news from China

I have been contacted by 300-400 MW mining machinery to help them distribute their machinery in NA and some parts of the US. Some have also started shipping machines to Kazakhstan.

To put that in perspective: Hydro-Québec’s Jonathan Côtà © recently told Global News Canada that the 90 mining equipment in Quebec is consuming around 400 megawatts..

Chinese BTC miners are set to settle in North America and Europe
Chinese BTC miners are set to settle in North America and Europe

China’s decision to crack down on crypto mining last week for environmental reasons (although it may also aim to bolster the digital yuan) the bitcoin mining landscape has developed rapidly.

According to estimates by the Cambridge Bitcoin Electricity Consumption Index (CBECI) China accounted for about 65% of the global bitcoin hashrate in AprilSince then since then The ban has resulted in several large Bitcoin mining companies ceasing to operate in the country, like BTC.TOP, which accounts for about 2.5% of the global hashrate.

Along with a flash mining hardware sale taking place across the country, Everson added that the ban had accelerated plans to geographically diversify Chinese providers like MicroBT and Bitmain.and found that:

“These parties have been interested in geographically dispersed operations for some time. Recent events have only accelerated the process.”

The recent spotlight on the environmental efficiency of bitcoin mining appears to be changing China’s control over the bitcoin hash rate.This is something that US bitcoin miners have been consciously looking for for quite some time. This should also increase the energy efficiency of mining practices.

MicroStrategy’s Michael Saylor spoke today about China’s crackdown on CNN::

“I think there is a dynamic where a lot of hash power will reach the US and other parts of the world.”

Quebec has become a bitcoin mining hub in recent years due to its low electricity prices, with supposedly “dozen” or large mining operations in the area that rely on hydropower.

According to Cété de Hydro-Québec, with the abundance of green energy in Quebec instead of China, mining was a great victory.

“If these companies here use renewable energy instead of mining in China, which mainly uses coal, we can decarbonise some of this industry if we have something here.”he added.

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