A Chinese Mining Company Is Going to Enter the Kazakhstani Market

Due to the events on the Chinese crypto scene that shook the entire market, Chinese companies engaged with cryptocurrencies seek other countries to keep continuing their activity. For BIT Mining, a Chinese mining company, Kazakhstan seemed to be a suitable area, while they invested $9.3 millions in building a mining data centre in this country.

They also signed a contract with two Kazakhstani companies but didn’t reveal the names of their partners. BIT Mining will own 80% of the 100 MWT data center, and one of these mysterious partners will own 20%. Both companies will provide the hosting and maintenance of their mining equipment. However, the mining won’t start before July 1st, 2022.

China got severe on their crypto mining companies in order to protect the country’s financial system and reduce the carbon footprint. The bold announcement of the Chinese authorities about limiting crypto mining made a lot of noise in the crypto community, but no explanations on how they are going to do it followed this statement.

Post a Comment