Crypto mining businesses in China are considering alternatives after the government banned their activities.
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A leading cryptocurrency mining enterprise BIT Mining is moving the equipment to Kazakhstan. The first stack consisting of 320 pieces of equipment with a technical total hash rate potential of 18.2 PH/s is well delivered. It is planned to put in work by June 27, 2021.The next two stacks are set to be moved by July 1, 2020. BIT Mining implements crypto mining, mining pool BTC.com, and data center operation. Presently, BTC.com ranks 5th among the largest operators verifying 10.4% of blocks on the BTC network.
On June 19, BIT Mining’s Chinese subsidiary got state notice that the electricity would be cut off. Thus, the company stopped processes.
BIT Mining's CEO Mr. Xianfeng Yang stated the firm's policy is to protect the surroundings and reduce its emissions. He noted the business is extending its services abroad.BIT Mining invested in crypto mining data centers located in Texas and Kazakhstan and now is focused on other countries for options of quality mining.
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After China's ban, Bitcoin's price fell significantly. Presently, the coin trades at around $34.100 with a market cap of $635.2 B.