With China’s series of crackdowns on crypto operations, mining firms are fast migrating to other countries to continue their businesses.
BTC.com is the latest firm to transfer its operations to a more crypto-friendly country and recently announced its successful migration to Kazakhstan.
The firm’s latest move was a critical decision since the Chinese government has ordered the state grid of Western Sichuan, where it was located, to cut off its electricity supply.
BTC.com has derived 3% of its revenues this May 2021 from their data centers in Sichuan.
BTC.com is owned by a Chinese lottery service provider 500.com, an NYSE-listed firm, while the operations side is handled by BIT Mining.
Before being purchased by 500.com, BTC.com was operated by Bitmain and Bitdeer. BTC.com currently holds the record for being the 5th largest mining pool in the world.
China and environmental concerns
Chinese authorities’ crackdowns on crypto mining operators like BTC.com stems from the government’s ambitious goal to greatly reduce its carbon footprint.
And since crypto mining operations require a massive amount of energy just to run, they create a negative impact on the environment, and these things are not in line with the government’s goals.
The authorities’ crackdown efforts were so serious that areas like Inner Mongolia, which once became a hub of crypto mining, have even set up a hotline specifically for reporting mining operations.
That is why BIT Mining, which operates BTC.com, assured everyone that it is firmly committed to reducing its carbon footprint in the years to come.
It has also announced its current expansions which include acquiring data centers in Texas and Kazakhstan to finally migrate its crypto operations there.
Image courtesy of Cointelegraph News/YouTube