According to data collected by the Financial Times, 14 of the earth ’ s largest crypto mine companies have moved more than 2 million machines from China in the months following the banish. Most of the machines were rushed to the United States, Canada, Kazakhstan and Russia .
BitDigital, one of the largest crypto mining companies listed in the United States, has hired an international logistics company to extract assets from China, with about 1,000 machines released from the dock at New York Harbor. I ’ m still waiting .
“ We started moving the fleet in March 2020, which was a large move in the future. When the banish was announced, there were 20,000 miners in China, ” BitDigital said. Said Sam Tabar, Chief Strategy Officer. calm, the ship’s company said it had to abandon 372 machines in China, which “ has reached the end of its useful life. ”
As the FT figures show, eight of the ten-spot largest public megafarms based in North America have expanded the number of machines in the evanesce since the banish in China .
When the prohibition was issued, Toronto ’ s crypto mining company Hut8 was struck by an offer from a panic taiwanese seller, said Sue Ennis, frailty president of corporate development and investor relations at the company. .. “ We were getting a call from a fairly opaque and biased supplier, ” she said. “ They ask us to pay $ 20 million without redemption if they don ’ t arrive or arrive broken. ” The company will add 24,000 machines from MicroBT in China in June. I did .
The price of the Antminer S19, a popular model among industrial miners, fell 41.7 % from May to July due to the “ enthusiastic liquidation ” caused by the taiwanese ban, analysis by mining company Luxormining shows. rice field .
Bitmain, the godhead of S19, a taiwanese cryptocurrency mine machine maker, sold 30,000 machines to Las Vegas-based mining company Marathon Digital Holdings in August. Maryland-based Telawulf has purchased an extra 30,000. The company announced in June that it would stop selling machines to “ help the industry transition smoothly ” and reduce “ great pressure ” on the grocery store .
Outside the United States, Kazakhstan has become a major mining center. According to FT data, most of the machines heading to Kazakhstan came from Bitfufu, a chinese mine company that shipped 80,000 machines to Kazakhstan ’ randomness farms, and BIT Mining, which shipped 7,849 machines by August.
Another benefactive role of China ’ s prohibition was Russia. A few weeks after China ’ mho crypto mine ban, Moscow-based infrastructure hosting ship’s company Bitcluster received more than 5,000 machines from China, while russian crypto mining company BitRiver has since banned. machinery from exiled chinese miners, who said they are presently hosting 1.8 million units .
“ The concenter of the market has shifted from a lack of equipment to a miss of outer space for its placement, ” said Roman Zabuga, a spokesman for BitRiver. A few weeks before the ban, he said the company had to decline a conduct with a chinese client trying to offload another million machines .
According to Jaran Mellerud, a research analyst at Arcane Crypto, equitable under 700,000 Chinese-made machines haven ’ thymine been turned off and on after the ban and are likely to be stored. many of these are older coevals machines like the Antminer S9, so it ’ s less cost-efficient to ship to a localization such as the United States. In July, the price of the S9 fell to just $ 367 .
Cryptocurrency mining companies face competition with locals building their own rigs © Andrei Rudakov / Bloomberg
This will disperse older genesis machines to unestablished mining sites such as Venezuela and Paraguay, making regulations less stable, but lowering electricity prices .
Juan Jose Pinto, co-founder of Doctor Miner, a mine company in Caracas, said the ban on China was a “ great opportunity. ” “ So far, we have been contacted by three different major chinese miners to host about 7,000 machines, ” he said. “ If you have the resources, you can host more. ”
According to Pinto, his company pays about $ 0.01 per kWh for electricity. This means that you can efficaciously use old, power-intensive machines like the Antminer S9s. These machines are awkward and flimsy, but Focus and his team have found an imaginative way to keep them up and running.
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“ We have what is called a ” cemetery. ” There are miners who aren ’ thyroxine working, but there are parts that are working, “ Focus said. “ If one machine has four break parts and another machine has six broken parts, integrate them to hopefully build one good miner. ”
Digital Assets, an Asuncion-based caller, is preparing to accept 15,500 miners in the come months, but faces contest from locals in Paraguay who have bought machinery and started their own mine. I am .
And for Venezuela ’ s devastated economy, cryptocurrency mine is a way for locals to replenish their income. “ People mine in the firm with barely one machine, ” Focus said. “ In other countries, there are a few large guys who have farms. There are thousands of people here who have small farms. Making an extra $ 100 a calendar month makes a big dispute for them. Become. ”