Bitcoin Miners Accelerate Migration and Leave China: Where Are They Going?

Bitcoin Miners Accelerate Migration and Leave China

There is fear in the industry for a potential wave of measures by the Chinese government against cryptocurrency mining farms.

The migration of mining equipment leaving China is increasing and many of the machines are destined for North America, Europe and other parts of Central Asia, such as Kazakhstan.

According to a report by Edward Evenson, head of one of the largest companies dedicated to digital mining that manages one of the ten largest Bitcoin mining pools today, Slush Pool.

According to Evenson, many teams are moving from the Xinjiang region to other areas on the Asian mainland. At the same time, new machines are being shipped directly from manufacturers to North America.

Many have anticipated heavy migrations of miners in the face of a potential wave of measures by the Chinese government against mining farms in the country, which has generated a wave of fear in the industry and a sharp drop in the processing power of the network.

Evenson added that the total megawatts that would come out of the Asian giant is equivalent to the capacity of miners of the entire Canadian region of Quebec.

The specialist also considers that this greater distribution is good news for Bitcoin and the mining industry. Especially when energy is being exchanged mainly from coal (as is the case in China) for renewable energy, especially in areas like Canada.

In addition, more distributed processing power in the world also reduces the dependence of the network on a particular area. According to the crypto news site, with the majority of the hash rate in Chinese territory, for example, the Bitcoin network has been at the expense of large sudden drops in the computing power accumulated in seasons of heavy rain in the areas of the Asian giant with the highest concentration of mining machines.