BIT Mining is building a new pillar in USA
China's government is taking on protection, and as a consequence, the pressure on Bitcoin miners is growing. The company BIT Mining is meanwhile building a new pillar in USA. BIT Mining has invested 25 million dollars in a new Bitcoin mining. For the plan, the company entered into a partnership with Dorry Creek, a subsidiary of the mining manufacturer Bitdeer.
BIT Mining and Dorry Creek Want To Build The New Mining Together
According to a press release, it should have a capacity of 57 megawatts. BIT Mining promises that 85% will come from environmentally friendly sources. The company is not a newcomer to the mining game. It only acquired the bitcoin mining in April. In addition, BIT Mining owns three hydropower mining facilities in southwest China.
Pressure On Chinese Bitcoin Miners Is Increasing
Exchange rates fell again on Friday after China reaffirmed crackdown on the cryptocurrencies. The trigger for the latest price slide came from China. An earlier announcement was made in a statement that it would crack down on the production of cryptocurrencies. The generation of currencies is also called mining and uses enormous amounts of energy to produce Bitcoins.
In China, the measures are also seen as part of activities to ensure stability.
Because of the low electricity prices, China has long been considered the Bitcoin mining. In the course of setting new targets, the Chinese government is now cutting down the energy-hungry fallow land. In addition to increased mining farms, Beijing almost stopped crypto mining.
The Chinese government recently banned some banks and providers from handling Bitcoin. This not only had a devastating result on the price of the most important cryptocurrency, such a step could also have unpleasant effects for Chinese miners. So it seems wise that BIT Mining is expanding to the other side of the world.
The contents of this article are for informational purposes only and are not investment advice.