Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan

[Nora Olin]

After shutting down in Sichuan, a Chinese firm has successfully shipped 300 #Bitcoin miners to Kazakhstan. Over 2,000 more are on their way.Sounds Good
https://bitcoinmagazine.com/business/bit-mining-moves-to-kazakhstan

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[sherryDEFI]

This is not good from energy mix perspective. The region of Sichuan was using energy from Hydroelectric (renewable). This will mostly move to dirty energy sources.
Coal represents around half of Kazakhstan's energy mix (50% in 2018), followed by oil and natural gas (both with 25% shares).

[dkbit98]

I was predicting this would happen back in April when I researched all other alternative countries for Bitcoin mining and Kazakhstan was on top of my list because of low cost of electricity and they are also bordering with China.
Next countries will probably be Kyrgyzstan, Tajikistan or Mongolia, and countries from South America that are more distanced from Chinese production of ASIC miners but they have other benefits.
It's not all black and white with mining, but I expect more strict worldwide regulation in July so everyone should be prepared for that.

Biggest candidates for me are countries surrounding China, that have lot of land space like Mongolia, Kazakhstan, Kyrgyzstan, Tajikistan, Uzbekistan, India, and Russia.
They can get asic miners quickly and they can have similar weather conditions like China but with cheaper electricity prices.
It is interesting to see that Kyrgyzstan electricity prices (~$0.010 kWh) are 6 times cheaper than in China, and Uzbekistan (~$0.026 kWh) have 4 times cheaper electricity.

[avikz]

After shutting down in Sichuan, a Chinese firm has successfully shipped 300 #Bitcoin miners to Kazakhstan. Over 2,000 more are on their way.Sounds Good
https://bitcoinmagazine.com/business/bit-mining-moves-to-kazakhstan

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable. The market will be impacted at first but will rejoice later.

Since the Chinese have their own version of everything, even Google, they must enjoy with their own version of digital yuan. Or they can create their own version of bitcoin and can name it as shitcoin!

[bryant.coleman]

This is not good from energy mix perspective. The region of Sichuan was using energy from Hydroelectric (renewable). This will mostly move to dirty energy sources.
Coal represents around half of Kazakhstan's energy mix (50% in 2018), followed by oil and natural gas (both with 25% shares).

I don't see any issue here. Coal generated electricity is 100% legal in Kazakhstan. And therefore I don't see a reason why we should worry about it. And in case you are worried about the carbon footprint, then let me remind you that fighting climate change is not our sole responsibility. First let the top polluters such as Saudi Arabia and China reduce the consumption of fossil fuels. After that we can think about using more green energy for Bitcoin mining.

But the most important story here is that the mining rigs were moved from China to Kazakhstan without any issue. This is a very encouraging sign, and hopefully the remaining miners in China would actively consider this possibility.

[vv181]

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable. The market will be impacted at first but will rejoice later.

You are using the word "we" if I might ask who is "we"? why'd you presume some of us wouldn't want specific people not to freely use Bitcoin?

There is a thing called Bitcoin neutrality¹. It does not give a damn about anyone's views or any terms in affiliations. Bitcoin is a neutral currency, and as long the miners following the consensus we are good to go, though we also need to vigorously defend it.

Since the Chinese have their own version of everything, even Google, they must enjoy with their own version of digital yuan. Or they can create their own version of bitcoin and can name it as shitcoin!

Well, at least(for now) as far as I know they didn't have a motive/intention to censoring some transaction like MARA pool once did.

Well, it would be a waste with such a huge amount of mining RIG if it didn't get maximized. I'd remember that Satoshi once said that the miners will gravitate towards a better location to efficiently mine Bitcoin, besides the governmental restriction.

[Leviathan.007]

In my own idea, moving the mining companies can not be a good idea and it's just temporary solution, who knows what's going be happen in Kazakhstan during the next years? how stable is the government? maybe after one year Kazakhstan ban bitcoin mining too. Even if miners use renewable energy, the governments will still ban bitcoin mining, because do not agree with the privacy and availability of bitcoin, any government see this freedom can be dangerous for their banks and economic system, so they will try to fight against it. A big share of money they earn come from the tax they get from people and the money you invest in banks, by using bitcoin they will earn less tax, less investing on banks. So, they will fight against bitcoin by suspending mining companies.

[kryptqnick]

After shutting down in Sichuan, a Chinese firm has successfully shipped 300 #Bitcoin miners to Kazakhstan. Over 2,000 more are on their way.Sounds Good
https://bitcoinmagazine.com/business/bit-mining-moves-to-kazakhstan

Finally, businesses are moving out of China to other countries. I think it's a good long-term decision because China is very unstable when it comes to crypto and mining policies, so risking all the time and hoping that you won't be shut down isn't a good business decision. Plus, developing countries should see this as an opportunity to boost their economies by welcoming crypto mining companies and introducing favourable terms. I hope my country will do the same.

who knows what's going be happen in Kazakhstan during the next years? how stable is the government?

Well, there's no reason to think it's less stable than China, so it's worth a shot.

[AniviaBtc]

If China will not support bitcoin atleast, this is a good thing that they do to still do perform bitcoin adoption.

Kazakhstan should really regulate cryptocurrency in their country properly so that they can see how profitable and valuable it is in the market.

Hoping that more countries will become open to mine bitcoin and benefit it.

[worle1bm]

After shutting down in Sichuan, a Chinese firm has successfully shipped 300 #Bitcoin miners to Kazakhstan. Over 2,000 more are on their way.Sounds Good
https://bitcoinmagazine.com/business/bit-mining-moves-to-kazakhstan

I have come across a article where ASIC mining machines manufacturers were getting calls from Chinese miners asking next destination and they suggested them Texas and Kazakhstan as alternate option because of cheap electricity and government not too strict on crypto related activities.Miners have shifted to next base and Canaan one of big manufacturer of ASIC machines have setup big base in Kazakhstan.Many more will follow the same path as in past governments has also shown some signs of regulating cryptocurrencies like bitcoin and if it is possible then it would be great for miners.The prime minister still has 3 years of office left and who knows what happens next.We can only hope for the best out of it.

[mauriek]

Chinese Bitcoin miner BIT Mining delivered 320 machines to Kazakhstan after its operations in China's Sichuan province were suspended.  The publicly traded company expects to ship 2,600 engines again before early July 2021.
 In the company's announcement, other machines will also be shipped overseas.  The delivery of the machine to Kazakhstan comes after BIT Mining received a notification at the weekend that power supply for its data center in Sichuan would be suspended by China's energy regulator.  Besides Kazakhstan, BIT Mining also makes Texas a mining destination.  In that state of the United States, BIT Mining invested 25 million United States (US) dollars or around Rp. 361 billion to open a new mining center.

[SFR10]

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable.

From what I've read in the past few days, most of them have partnered with other companies; In other words, their influence/control over those mining operations is somehow limited.
^{- I don't think it's fair to generalize them... I'm sure there's a big difference between them and their government.}

who knows what's going be happen in Kazakhstan during the next years? how stable is the government? maybe after one year Kazakhstan ban bitcoin mining too.

Those are the type of risks that they have to "always" deal with it ^{[regardless of the location]}.

Besides Kazakhstan, BIT Mining also makes Texas a mining destination.  In that state of the United States, BIT Mining invested 25 million United States (US) dollars or around Rp. 361 billion to open a new mining center.

IMO, Texas isn't a suitable location; AFAIK, they have their own issues when it comes to power outages.

[stompix]

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable. The market will be impacted at first but will rejoice later.

So bottom line you're just like the Chinese government.
You would want to be able to select the one's mining, a pre-approved contract with their social score where they must show they're bitcoin supporters, believe in satoshi's prophecies, and have them swear an oath on a private key!

Do you realize these Chinese miners, those miners in China, with all the bad things coming from here were the ones giving the bitcoin blockchain its security? Everyone here was talking about how it's so expensive to attack the chain as you would need billions in equipment and power, now that whole number has split in half and maybe even worse, do you feel safer now with miners fleeing China but with enough hash power to actually do a 51% waiting now on the side?

IMO, Texas isn't a suitable location; AFAIK, they have their own issues when it comes to power outages.

Texas generates twice as much power as Kazachstan, they have far more unused spare capacity available, and let's not even compare the US when it comes to stability and long-term business planning to Kazakhstan.  Besides, there is no way Kazachstan would be able to power even half of all the miners that were mining just a month ago, they simply lack the capacity to do so.


 

[mikeywith]

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable.

You speak for yourself I suppose, then the right term should be "I" and not "WE", bitcoin mining is a free market, there is no patent to mining, if you can make/buy the mining gear and able to run it, go ahead, your comment sounds so racist to be honest, you did not point a single disadvantage of those miners owned by the Chinese, will it better if the same hash power was controlled by the Americans or the British or any other nation?

[philipma1957]

After shutting down in Sichuan, a Chinese firm has successfully shipped 300 #Bitcoin miners to Kazakhstan. Over 2,000 more are on their way.Sounds Good
https://bitcoinmagazine.com/business/bit-mining-moves-to-kazakhstan

Not good! We wouldn't want Chinese miners to enter the bitcoin market again. No matter the location, the miners will be under Chinese control which is not really desirable. The market will be impacted at first but will rejoice later.

Since the Chinese have their own version of everything, even Google, they must enjoy with their own version of digital yuan. Or they can create their own version of bitcoin and can name it as shitcoin!

Nah it is not fuck the Chinese as much as it is fuck bitmain.

Bitmain wields too much power and influence on mining ⛏ in general.

Three or four large cloud deals gives them way too much influence on hashrates.

along with build the gear ability . and cheap power deals

they are a triple threat.

[kano]

...
Bitmain wields too much power and influence on mining ⛏ in general.
...

The majority of the mining community and mining industry is the reason why they have that power.

The peak of that power was around the time the S9 came out, coz people choose to mostly buy BM hardware even though it was crap reliability and crap support back then.
They made it 'cheap cost' and crappy and most everyone wanted it, thus their rise back then to being the vast majority of all mining hardware.

It was only the internal BM fight that ended up being BM vs Poolin that managed to slow that down.

[dansus021]

This is not good from energy mix perspective. The region of Sichuan was using energy from Hydroelectric (renewable). This will mostly move to dirty energy sources.
Coal represents around half of Kazakhstan's energy mix (50% in 2018), followed by oil and natural gas (both with 25% shares).

yeah coal is bad and if this happen and papa "elon" know it they will not start accepting bitcoin as payment again 

but the CEO said this on the WEbsite that OP mention

"We are committed to protecting the environment and lowering our carbon footprint," Xianfeng Yang, CEO of BIT Mining, commented in the announcement. "We have been strategically expanding our operations overseas as part of our growth strategy. Following our investments in cryptocurrency mining data centers in Texas and Kazakhstan, we are accelerating our overseas development for alternative high-quality mining resources."

[FP91G]

The last review I read said that in Kazakhstan, about 88% of electricity is produced through the combustion of minerals.
The rest of the production is hydropower.
If it is a renewable source, then it brings many other problems to nature.

"China is rich in water resources, while remote areas are still not electrified, which is why the authorities are encouraging the introduction of private hydroelectric power plants. According to state media reports, there are over 25,000 small hydropower plants in the Yangtze River Economic Belt. To sell the generated electricity, entrepreneurs need to obtain permission from the state and install equipment that meets environmental standards. However, some use the generated energy for mining."
source
https://pikabu.ru/story/mayneryi_kitaya_obkhodyat_zapretyi_8312919