As China tightens restrictions on cryptomining across most of its provinces, most industrial mining companies have started to move their operations overseas. A logistics firm from Guangzhou, Fenghua International has confirmed to CNBC that it’s airlifting 3,000 kg (3 tonnes) of mining machines including graphics cards and ASICs to Maryland, USA. The firm advertises door-to-door delivery with prices as low as $9.37 per kg, including taxes on both ends.
Large-scale mining in China has gone from being extremely profitable to straight-up illegal. The province of Inner Mongolia, Sichuan, and Guangzhou have straight up banned the practice, with the authorities even cutting off power to the farms. According to sources, even before the collective blackout of the mines was announced in Sichuan, miners had already started moving their equipment to other countries, including Russia, Kazakhstan, and the United States.
Mayland and Texas are two states most suited to the needs of miners due to cheap electricity and a sparse population. Interestingly, there has been no outrage from the US public upon seeing this shift. Most are seeing this as a transfer of mining rights of Bitcoin from China to the US.