Large-scale migration from mainland China was seen when crypto miners were made to leave their mining facilities behind and seek re-settlements in states other than China. Many of these immigrant miners took refuge in countries alongside Chinese borders and Russia too became a hotspot for the disheartened Chinese miners, suggests a comprehensive report.
Russian Federation is a rich country in several sources and one amongst this source is “electricity. Undoubtedly, Russia is an electricity-rich country that is producing enough electricity that can meet the demand of consumers and industries. Even after the consumption of electricity by consumers and industries, there is enough energy source that remains unused.
However, the country has been selling electricity to neighboring countries. In recent times, the Government in Kazakhstan too has signed an electricity purchase agreement with a private Russian company.
It is this richness that has made the Russian Government believe that the energy can be used for the country’s great benefit as well. In this connection, a facilitative environment has been created for crypto miners in Russia to come and start their mining operations.
Most importantly, Russia hasn’t had to do the mining of miners on its own. Instead, since China was making the miners leave the country, so the miners decided to come into Russia for two obvious reasons.
The first reason is the availability of enough electricity which could be utilized for minting crypto coins and boosting their mining operations. Secondly, Russia is rather a mining-friendly state and has had in the past facilitated crypto miners on several occasions.
This time also, Russia has been fishing disheartened miners coming from mainland China. Furthermore, Russia is providing the miners cheap electricity in an effort to lure more miners into the country.
A report has been published which covers the migration of miners and their equipment from China. The report notes that there were more than 430,000 mining rigs that were transported out from China. Out of these 430k mining rigs, exactly 205,000 were landed in the Russian Federation while the rest went into different states.
The report further notes that at least two-hundred thousand mining machines were single-handedly acquired by Birtiver, a Russian mega-mining company. Similarly, the rest of the 5k machines became part of another Russian mining company namely “Bit Cluster”, which is based in Moscow.
Another huge cargo shipment of mining machines has arrived in Kazakhstan as well which are estimated to comprise 87k machines.
An opportunity was created by China and gladly taken by Russia, North America, and Kazakhstan. All these three areas a regarded as “crypto-friendly”. Most importantly, in all three areas, electricity is cheaper than in most parts of the world.