Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan
Chinese bitcoin miner BIT Mining delivered its first batch of 320 machines to Kazakhstan after its operations in the Chinese province of Sichuan were suspended.
- The publicly traded company (NYSE: BTCM) expects to deliver another 2,600 machines before the start of July, it said in an announcement Monday.
- The company's remaining machines will also be shipped overseas.
- The mining machines already shipped have a theoretical maximum hash rate capacity of 18.2 PH/s. One PH/s stands for one quadrillion hashes per second, the measure of how many calculations a mining machine can compute.
- The move to Kazakhstan came after BIT Mining received notice on Saturday that the power supply for its data center in Sichuan would be suspended by the state energy regulator.
- BIT Mining's data centers in Sichuan contributed about 3% of its total revenue in May.
- With China's crackdown on the crypto mining industry, companies are looking to migrate elsewhere. Along with Kazakhstan, BIT Mining has also invested $25 million in a new mining center in Texas.
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