Cryptocurrency News

Chinese BTC miners equal Quebec production on the move: slush pool

Edward Evenson, head of business development at Brens, the owner of Slush Pool, reported that a large number of Chinese BTC mining machines are currently en route to North America and Europe, equivalent to the entire production of Quebec.

In a Twitter thread on May 28, Evenson revealed that some Chinese BTC miners are also eyeing Europe, and while others have already started moving machines to Kazakhstan:

I have 300–400 MW of mining machines that contact me to help deliver their machines to the NA and parts of the European Union. Some have also started shipping machines to Kazakhstan. “

To put this in perspective, most recently Jonathan Cote of Hydro-Quebec Told Global News Canada that 90 mining organizations in Quebec use about 400 megawatts between them.

China Decision Tighten the crypto mining The past week has seen rapid growth in the bitcoin mining landscape due to environmental concerns (while possibly also aiming to strengthen the digital yuan).

According to estimates from the Cambridge Bitcoin Electricity Consumption Index or CBECI, China accounted for an estimated 65% of bitcoin’s global hash rate in April. Many big starts since the ban Bitcoin mining firms will cease operations In a country like BTC.TOP – which is an estimated 2.5% of the global hash rate.

With sales of rapid-fire mining hardware happening across the country, Everson also said that the ban has accelerated plans for geographic diversification from Chinese suppliers such as Microbe And Bitman, noting that:

“These parties were for some time interested in geographically distributed operations. Recent events have greatly accelerated this process.”

A recent spotlight on the environmental efficiency of bitcoin mining is shifting China’s grip on bitcoin’s hash rate – something that US-based bitcoin miners have done Try to intentionally For a short time. This is also likely to increase the energy efficiency of mining practices.

Michael Saylor of MicroStrategy first emphasized China’s action on CNN earlier today:

“I think there is a dynamic where a lot of hash power will come to America and other parts of the world.”

Quebec has become a bitcoin mining hub over the past few years due to cheaper electricity prices, with large mining operations in an area reportedly dependent on “dozens” or hydroelectricity.

Cote of Hydro-Quebec stated that mining using abundant green energy in Quebec instead of China was a major victory.

“If these companies are going to mine in China using renewable energy instead of mining, which mostly uses coal, then we can decarbonize some part of that industry here,” he said.