China's crackdown on crypto mining has allowed Kazakhstan to quickly fill the void by offering cheap fuel and a welcoming business environment.
BRISTOL, UK / ACCESSWIRE / January 19, 2022 /Bitcoin (BTC) mining hardware manufacturer SPCMiner is expanding its footprint in Kazakhstan after signing new strategic partnerships with multiple crypto mining firms in the country.
Although SPCMiner is based in London, United Kingdom, the company is eyeing expansion outside of its home country following. Curtis Wei, SPCMiner's CEO, spoke out against the mining ban during an earnings call in July, telling investors that crypto miners make better use of stranded electricity, and contribute positively to employment and the local economy.
With China snuffing out the crypto mining industry, neighboring Kazakhstan has rushed to fill the void, offering displaced miners cheap and plentiful coal. By June 2021, the world's fifth-largest mining pool had set up shop in Kazakhstan. The following month, Kazakhstan accounted for nearly a fifth of the world's Bitcoin mining output.
Related: Kazakhstan to decide whether to launch CBDC by late 2022
China's ban on Bitcoin mining resulted in a sharp drop in network hash rate, but that has quickly reversed after displaced miners established new bases of operations. Following a six-month recovery, the Bitcoin network's hash rate reached a new all-time high.
Company Name: SPCMiner (09172128, 09076636)
Location: 2 Temple Back East, Temple Quay, Bristol, United Kingdom, BS1 6EG
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