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The Bitcoin exodus has begun; cryptocurrency mining firms are relocating to North America following the Chinese Government's new restrictions

Cryptocurrency miners are eyeing North America as a new base of operations
Cryptocurrency miners are eyeing North America as a new base of operations (image via Unsplash)
One Chinese firm is reportedly relocating to North America after the Chinese Government's new restrictions on cryptocurrencies. It plans on setting up facilities in Texas (USA) and Alberta (Canada). A few other firms have already ceased operations in China following the announcement.

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Some time ago, we reported that China planned to crack down on cryptocurrency mining operations within the country. We still don't know what the crackdown entails, but we're probably looking at stricter regulations. On the other hand, several large-scale mining firms are in the knowhow and are keen to move their operations out of China.

Sources familiar with the matter have told Technode that one Chinese mining firm plans on setting up shop in Texas (USA) and Alberta (Canada). While moving to nearby Asian countries makes more logistical sense, the sub-par internet infrastructure may have prompted the firm to look further west. Texas's cheap commercial power rates (0.1629 US$/kWh) could be a factor, too. It seems that the Bitcoin exodus out of China is happening faster than we thought it would.

Firms such as BTC.TOP and HashCow, and Huobi Mall have already begun winding up their Chinese operations and are actively looking for greener pastures. Then again, it isn't just the cryptocurrency miners who are eyeing the continental United States for their infrastructure. Samsung has earmarked US$18 billion for a 5nm facility in Texas. TSMC has plans to build six new plants in the country.

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Anil Ganti
Anil Ganti - Senior Tech Writer - 687 articles published on Notebookcheck since 2019
I've been an avid PC gamer since the age of 8. My passion for gaming eventually pushed me towards general tech, and I got my first writing gig at the age of 19. I have a degree in mechanical engineering and have worked in the manufacturing industry and a few other publications like Wccftech before joining Notebookcheck in November 2019. I cover a variety of topics including smartphones, gaming, and computer hardware.
contact me via: @AnilGanti, LinkedIn
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> Notebook / Laptop Reviews and News > News > News Archive > Newsarchive 2021 05 > The Bitcoin exodus has begun; cryptocurrency mining firms relocating to North America following the Chinese Government's new restrictions.
Anil Ganti, 2021-05-26 (Update: 2021-05-27)