Hangzhou-based Ebang International said that its “mining machines will still be in short supply” overseas, even if domestic sales disappear. Bitcoin miners use increasingly powerful, specially-designed computer equipment, known as “rigs”, to verify bitcoin transactions in a process which produces newly minted bitcoins. “Places like North America and Central Asia have advantages in terms of power supply and policy support,” Ao said, adding that more Chinese miners will shift abroad. Kazhakstan, which clarified its crypto mining rules last year, hopes it will boost an oil-dominated economy. “We received inquiries from three Chinese bitcoin miners on Monday about using our hosting services,” said Didar Bekbauov co-founder of Kazakhstan based Hive Mining, which provides ‘hosting hotels’ for mining machines.

Source: MetroXpress May 26, 2021 11:26 UTC