China’s Cryptomining Firms Looking For Growth Overseas

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The Chinese government vowed to crack down on the extraction and trading of bitcoin, leading miners to suspend all or part of their activities in a country that provides the largest share of the world’s cryptocurrency supply.

Chinese mining equipment makers are also looking for growth overseas.

BIT Mining Ltd, a mining company based in Shenzhen, announced that it has entered into a deal with a Kazakh company to jointly invest in a cryptomining data center in Central Asia.

Bitcoin miners use high-performance computers to verify bitcoin transactions in a process that ultimately leads to newly minted coins.

As a result of the crackdown, China risks losing its dominance in cryptomining to the benefit of foreign miners, and many Chinese miners will migrate abroad.

China’s Inner Mongolia region, a key crypto-mining hub, issued rules on Tuesday to root out the business, while other mining centers have yet to issue their own after the government announced a national policy against cryptocurrencies led by the State Council Committee Vice Premier Liu He.

For more information, read the original story in Reuters.

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