Slush Pool: Chinese Bitcoin miners comparable to Quebec’s production on the move

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Chinese Bitcoin mining equipment are on the move, according to Edward Evenson, who works for Bitcoin miners Slush Pool.

According to Edward Evenson, head of business development at Slush Pool owner Braiins, a big number of Chinese BTC mining machines equal to Quebec’s whole production will be relocating to North America and Europe.

In Twitter thread on May 28, Evenson revealed that some Chinese BTC miners also have their eyes on Europe, and while others have already began moving machines to Kazakhstan:

I’ve had 300-400MW of mining machines contact me to help them distribute their machines across NA and some parts of EU. Some have also begun shipping machines to Kazakhstan.”

To put that in perspective, Jonathan Côté of Hydro-Québec recently told Global News Canada that the 90 mining outfits in Quebec use around 400 megawatts between them.

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China’s move to tighten down on crypto mining last week owing to environmental concerns (perhaps with the goal of strengthening the digital yuan) has resulted in a quick transformation of the Bitcoin mining landscape.

China accounted for an estimated 65 percent of Bitcoin’s worldwide hashrate in April, according to estimates from the Cambridge Bitcoin Electricity Consumption Index, or CBECI. Since the prohibition, many significant Bitcoin mining businesses, including BTC.TOP, which accounts for an estimated 2.5 percent of the worldwide hashrate, have ceased operations in the nation.

Along with a rapid-fire sale of mining gear around the country, Everson stated that the prohibition has accelerated plans for geographic diversification from Chinese providers such as MicroBT and Bitmain, adding that:

“These parties were interested in having more geographically distributed operations for some time. Recent events have simply accelerated the process.”

The new focus on the environmental efficiency of Bitcoin mining looks to be loosening China’s grip on Bitcoin’s hash rate – something that US-based Bitcoin miners have been consciously attempting to accomplish for quite some time. This appears to have the added benefit of increasing the energy efficiency of mining methods.

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On CNN earlier today, MicroStrategy’s Michael Saylor commented on China’s crackdown:

 

“I think there is a dynamic where a lot of hash power will come to the U.S. and will come to other parts of the world.”

Because of its low energy rates, Quebec has become a Bitcoin mining hotspot in recent years, with dozens of huge mining operations reliant on hydroelectricity.

Mining in Quebec, rather than China, according to Côté of Hydro-Québec, was a significant gain.

“If these companies are going to mine using renewable energy here instead of mining in China, which primarily uses coal, we can decarbonize a portion of that industry by having some of it here,” he continued.

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