90% of Chinese Bitcoin Miners to Cease Working in June

Kevin Zhang, Vice President of the mining company Foundry, spoke on the developments in China. He said the mood among the players is rather gloomy, and it may obviously be the end of mining in the Celestial Empire. According to his colleagues, now about 70% of bitcoin miners have ceased their activity. By the end of June, this number will reach 90%.

Many miners from Sichuan have already received notifications about the need to eliminate all infrastructure (electricity, racks, containers, etc.) within a couple of weeks. According to Zhang, this was a low blow, as earlier many miners received the proper assurances and permits to conduct their work.

However, this is not the main issue. Foundry Vice President warns that much of the hardware available does not meet Western standards. "This leads to the idea that the Great Exodus of ASICs from China will not go smoothly," Zhang said. After all, the amount of hosting abroad was in short supply even before the decision of the PRC authorities. In addition, the hosting conditions are different. For example, higher price, longer deployment period (6-9 months), availability of deposits, and rates.

However, according to Zhang, the authorities' decision was not a surprise to the big players, which started moving their facilities out of China. And this fact only accelerated migration.

Thus, the speaker told that his colleague sent several technical specialists to Shenzhen to test, repair, clean, and pack the equipment. And in the last two weeks, they have already shipped 20,000 ASIC devices.

Let us recall that China had up to 65% of the world's mining capacity. And Kazakhstan is the most attractive territory for our neighbours. The Chinese manufacturer of mining equipment Canaan Creative announced the opening of a service center and its mining farm in Kazakhstan. Thus, it confirms the fact of Kazakhstani attractiveness. If earlier, our country ranked 4th in terms of the world hash rate share, then it may soon rank the honourable third place.