Because of the ongoing suspension of crypto mining activities in the Chinese provinces, one of the biggest Chinese crypto miners, Bit Digital, is transferring about 14,500 mining rigs from China into the United States of America.
Not too long ago, China was undisputedly the biggest Bitcoin mining farm in the entire world. Almost 90% of the BTC units were minted in the country. China alone was the mass producer of the world’s leading digital coin and retained that title until a few months ago. However, suddenly the situation changed when China grew interested in the Digital Yuan. The project of Digital Yuan passed the test recently and since then the Chinese Government is after the crypto miners. The purpose of targeting the crypto miners is now the national policy of China for systematically putting the Digital Yuan into the limelight.
By causing harm to the mining industry, China did in fact curtailed one of the key sources of its economy. But China can afford the consequences because it is the economic giant of the world. However, it is the miners who are ultimately forced to bear the burden.
Bit Digital is one of the biggest Bitcoin miners in the world which was running its major Bitcoin mining farm from China. Surely, there isn’t any future scope for miners to continue to remain in China. Resultantly, Bit Digital has been forcibly evicted from its premises and would be required to re-settle their mining facilities elsewhere.
The re-settling of Bit Digital was affirmed by the latest news reports. The news item suggested that Bit Digital has decided to establish its mining farms in the United States of America. The farm cannot take it anymore because its primary source of business is Bitcoin mining only.
It was further revealed that while the moving process will take some time but in the first phase mining rigs will be moved. At least 14,500 mining rigs of Bitcoin have been removed from the Chinese premises by Bit Digital. The same shall be then moved into the United States of America, where they will once again start producing Bitcoins. Through another news source, it was reported that Bit Digital is most likely resettling in the North American region.
Even after the moving of 14,500 mining rigs into the US, there will be further 18,000 more mining rigs needed transportation. Most of these machines are of the latest models as the older machines were earlier sold at considerable prices. After the sales, the company added more funds into the sale proceeds and bought further the latest mining equipment.
The fact of moving from China into the US was revealed by the company in its audited report for its 2nd quarter of 2021. The company in a later statement also apprised its keen interest in starting mining activities in the US, particularly the North American region.