Chinese Crypto Miner Airlifts Bitcoin Mining Operation To Maryland Amid Crackdown

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by Tyler Durden
Tuesday, Jun 22, 2021 - 11:50 AM

According to CNBC's Eunice Yoon, China's continued crackdown on cryptocurrency has resulted in some miners quickly packing up operations and heading for America. 

Yoon tweeted Monday, "Chinese Logistics Firm Airlifting Bitcoin Mining Machines to Maryland." A photo in the tweet appeared to show brown cardboard shipping boxes packed with mining machines ready to be airlifted from China to Baltimore, Maryland. 

Guangzhou-based Fenghua International told the CNBC reporter that the shipment was approximately 3,000kg (6,600lbs). 

Thomas Heller, the chief business officer at Compass Mining, told CoinDesk that the weight of the mining machines would equate to about "200 units of S19" units. 

The latest crackdown on crypto in China continued last Friday when China's vice-premier Liu He said the government would crack down on bitcoin mining and trading activities, which of course, is something we already knew. 

China's constant bombardment of headlines to crush bitcoin comes as the digital yuan reception has been a total disaster

Again, on Monday, authorities, this time in the Chinese city of Ya'an had promised to root out all bitcoin and ether mining operations in the area and followed by the PBOC, China's central bank, which formally requested a meeting with Alipay and several local banks over providing services to virtual currency trading. The banks included ICBC, Agricultural Bank of China, China Construction Bank, Postal Savings Bank of China, and Industrial Bank.

He said that "3,000 kg sounds huge, but compared to the number of miners that get shipped regularly, it's just a small batch." In terms of hash rate, 200 of the mining units equate to 19,000 TH/s.

Heller estimates about 526,000 S19 machines in China have been switched off, which means about 80,000 metric tons of mining equipment could be ready for shipment to more friendly crypto overseas regions. 

Miners might also find El Salvador another friendly area for crypto after President Nayib Bukele adopted bitcoin as legal tender earlier this month.