Chinese crypto ban sees miners move to Hong Kong

By Raffaele Redi

Powercrypto plans to deploy 2,600 high-performance mining rigs in Hong Kong as Bitmain stops shipping Antminer to mainland

Bitcoin mining farm. IT hardware. Electronic devices with fans. Cryptocurrency miners.                                 
Bitmain will announce its intended use of carbon-emissions targets in late 2021 – Photo: Shutterstock
                                

Miners have started settling in Hong Kong after China’s ban on cryptos, while one of the world’s leading producers of cryptocurrency, Bitmain, stopped shipping its products to the mainland.

The Nasdaq-listed blockchain apps provider, Powerbridge Technologies, announced that Powercrypto Holdings – a subsidiary of the company – is launching cryptocurrency mining, specifically bitcoin (BTC) and ethereum (ETH), in Hong Kong.

Powercrypto expects to complete the deployment of 2,600 high-performance mining rigs in Hong Kong, encompassing 600 high-performance BTC mining machines with a hash rate of approximately 60 peta hashes per second (PH/s) and 2,000 high-performance ETH mining machines with a hash rate of approximately 1,000 giga hashes per second (GH/s).

The company said these cryptocurrency operations will utilise environment-friendly, green and sustainable energy.

Sean Wang, Powercrypto's general manager and chief technology officer, stated: “We will focus on enhancing our overall hash-rate level in BTC and ETH mining by setting up mining fleets in North America and Asia.”

Bitmain

In other news, Chinese Antminer producer, Bitmain – one of the world’s largest producers of bitcoin mining machines – announced that starting from today, Monday 11 October, it will stop shipping to mainland China, excluding Hong Kong and Taiwan.

“For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions,” said the company.

In its statement, Bitmain said: “In response to the Chinese government's carbon-neutral policy, Bitmain has completed several batches of carbon-indicator purchases. The indicators are mainly derived from clean energy power-generation projects in Yunnan, Xinjiang and other places in China.”

The move, explained Bitmain, is strictly to abide by the laws and regulations of the locations of the company’s entities, which is the operating principle Bitmain has always adhered to.

The green r-evolution

Bitmain also stated that it will announce its intention to utilise China’s carbon-emissions targets in late 2021, following its hosting of the 2021 World Digital Mining Summit (WDMS) in Dubai on 9–10 November.

“Since the establishment of Bitmain, we have reduced the energy-efficiency ratio of core chips by two orders of magnitude. In the post-Moore’s Law era, we have taken a different approach and explored a new technological path for computer energy-saving,” said the company.

“In the future, we will continue to work to reduce the energy-efficiency ratio of core chips, purchase carbon-emission indicators worldwide, guide customers to use clean energy, and contribute our strength to the green and sustainable development of mankind,” added the company.

Bitmain and Powerbridge did not immediately respond to a request for comments.

Further reading: Hong Kong set to be global crypto hub after Chinese ban

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