China’s Exiled Crypto Machines Fuel Global Mining Boom

China's ban on cryptocurrency mining in May triggered an exodus of miners and a global race to relocate millions of the clunky, power intensive machines they use to solve complex puzzles and earn bitcoin. From a report: Fourteen of the biggest crypto mining companies in the world have moved more than 2m machines out of China in the months following the ban, according to data gathered by the Financial Times. The lion's share of machines was hastily moved to the US, Canada, Kazakhstan and Russia. Bit Digital, one of the largest US-listed crypto mining companies, hired an international logistics firm to extract its property from China and is still waiting for a batch of almost 1,000 machines to be released from the docks at the Port of New York. "We started our fleet migration in March 2020, which in hindsight was a great move. When the ban was announced we had 20,000 miners in China," said Sam Tabar, chief strategy officer of Bit Digital. Still, the company said it had to abandon 372 machines in China, which had "reached the end of their useful lives." Eight out of the 10 largest public mega farms based in North America have expanded the number of machines in their fleets since China's ban, the FT's figures show.

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