(FT) More than 2 million machines have been moved out of China by fourteen of the largest crypto mining companies, fueling activities across the US, Kazakhstan, Russia, and Canada.
Following China’s ban, firms are now intensifying their mining activities elsewhere, with eight out of the 10 largest farms in North America having increased their number of machines.
Toronto-based mining firm Hut8 added about 24,000 machines in June as the firm was presented with offers from Chinese miners after Beijing’s crackdown.
Increased mining activity in the US saw Chinese machine manufacturer Bitmain sell about 30,000 machines to Las Vegas-based Marathon Digital Holdings in August and another 30,000 to Maryland’s Terawulf.
Kazakhstan has now become the largest mining country after the US, with BIT Mining shipping about 7,849 machines in August.
Russia, the other beneficiary of the mining ban in China, is now battling for space to locate the mining equipment, with Chinese clients shipping machines to the country. The Russian miner BitRiver now has 1.8 million machines shipped from China.
Venezuela is the other country whose depressed economy is benefiting from increased activity, with sprawling crypto mining occurring up to the household level.
BTCUSD is down -2.35%, ETHUSD is down -1.85%.
