The 5th Largest Mining Poll in the Entire World is Leaving China
Ever since the beginning of May 2021, the Chinese Government seems to have gotten aggressive towards the cryptocurrency sector in the country. It was at the beginning of May when the Chinese regulatory authority had issued warnings/reminders to the crypto-firms operating in China.
The regulators reminded the commercial banks and other financial service providers in China to remember not to interact with cryptocurrency firms. The regulator reminded them of the ruling passed for the banning of cryptocurrencies back in 2017.
Since then, the Chinese regulators have started cracking down on the cryptocurrency firms operating in China. While all kinds of firms are being targeted by the regulators, it is the mining sector that has been affected the most.
The regulators have started shutting down all cryptocurrency mining centers in China. This has caused many concerns among the cryptocurrency mining firms in China and they are now looking to relocate.
Out of all cryptocurrency mining pools in China, BTC.com has turned out to be the first one to react to the crypto-shutdown. BTC.com is one of the largest cryptocurrency mining pools in China and BIT Mining is the firm operating it.
The BTC.com platform is owned by the company known as 500.com, which is a lottery service provider in China and is publicly listed at the NYSE.
While many cryptocurrency mining firms in China are considering their options, BTC.com was the first firm to react to the recent crackdowns. Following the initiation of crackdowns on crypto-mining firms, BTC.com has made a surprising announcement.
The firm has announced that it has already started relocating its mining pool operations to a different country. As per BTC.com, it has already relocated the first batch of its mining pool to a different country. The company has confirmed that its new location for the mining pool operations is Kazakhstan.
Kazakhstan is among the countries that have started welcoming cryptocurrency mining firms from all over the world. The country and its government is already taking all the necessary steps to adopt crypto-blockchain technology.
With BTC.com moving its operations to Kazakhstan, the country will now be home to the fifth-largest cryptocurrency mining firm in the entire world.
Jihan Wu was the founder of BTC.com and when the company was initially founded, it was operated by Bitdeer and Bitmain. However, starting February of 2021, the company was acquired by 500.com. At the time of writing, BTC.com ranks as the fifth-largest cryptocurrency mining pool in the entire world.
When it comes to providing validation for the Bitcoin blockchain blocks, BTC.com is responsible for generating 10.4% of it.
The company has revealed that it decided to make the move after receiving a notification from one of the grid stations in Sichuan province’s western zone. The notification stated that they were going to stop the power supply to one of their local data centers and it was going to happen.