BIT Mining, the crypto mining firm earlier announced its plan to expand out of the Chinese market. Recently, the firm disclosed its new plans to buy 2,500 Bitcoin miners to deploy in Kazakhstan. In the announcement on Wednesday, BIT Mining announced that it has signed a $6.6 million agreement to purchase 2,500 Bitcoin mining machines (BTC). Moreover, the company has already deployed 3,819 BTC miners into operation at its data centers that are present in Kazakhstan. And now, another 4,033 machines are on their way. With everything in place along with the recent bitcoin operation acquisitions, the team expects that the hash rate of the firm will reach around 458 Petahesh per second. The firm is headquartered in Shenzhen. However, the company plans to expand its operations outside of China. It will do so in response to recent government raids on the mining industry.
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According to reports, many Chinese companies are facing bankruptcy after the State Council’s Financial Stability and Development Commission announced a reduction in BTC mining due to financial risk concerns.
As China’s regulatory environment becomes less favorable, some mining companies, including BIT Mining, are looking for opportunities to do business in other countries. Crypto companies can also take this rebound in regulatory requirements into account. OKEx and Huobi are planning to dissolve Chinese companies. Bobby Lee is BTC maximalist and Ballet CEO. He has recently stated that the crypto mining shutdown in China can be a sign. It may be possible that the Chinese government is investigating and examining the current conditions. They might be doing so in order to tighten the ban on cryptocurrencies. Currently, a lot of Chinese miners are moving to Texas to get solutions to their problems.
However, a lot of Kazakhstan lawmakers appear to be making cryptocurrency companies bend in their direction. They are allowing local banks to open cryptocurrency trading accounts. There was the latest announcement by the major mining company Canaan last month. According to that, the firm has already started bitcoin mining operations in Kazakhstan. Even after this or maybe because it is difficult to open new businesses, the country plans to impose higher taxes on miners from January.