China crypto mining machinery is being exported to Russia, a new report reveals

China crypto mining machinery is being exported to Russia in bulk, a new report unveils some interesting facts. The US is also included in the list of countries that are importing crypto mining machinery.

Earlier this year, we have seen China’s crackdown on the crypto industry. Still, it isn’t illegal to hold or trade crypto in China which means that this attack was focused on the crypto mining industry. The miners started to move out of China to the countries that have certain regulatory clarity or offer cheap energy. This migration of miners was accompanied by a large number of crypto mining hardware.

China crypto mining

China crypto mining machinery is being exported to Russia:

A report by Financial Times contains some surprising facts about this migration of China crypto mining machinery. Chinese crackdown on the crypto has forced 14 big crypto businesses to evacuate more than 2 million mining machines out of the country. Russia has taken a top spot in importing this machinery. The bit river of Russia has acquired 205,000 out of 430,000. Kazakhstan has become another major crypto mining hub.

The statistics from the report show that 87k mining rigs of Bifufu were shipped to crypto farms in Kazakhstan. Both Russia and Kazakhstan are facing energy shortages problems and they blame crypto for it. Russia hasn’t regulated crypto but the official says that it should be seen as entrepreneurial activity and taxed accordingly. The published figures also show that eight out of the 10 largest crypto farms in North America have expanded the number of mining devices.

The data suggest that 87k china crypto mining machinery was sent to the US forms. Canada ranks fourth in this list followed by two South American nations. All of these pieces of equipment were sold at low prices. The prices of the crypto coins also suffered from this move of China.

Read more here.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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