China's Crypto Crackdown Led To Shipment Of Over 2Mln Mining Computers Abroad - Reports

More than 2 million crypto mining computers have been moved out of China to other countries, including Russia, amid a mass exodus prompted by the Asian country's crackdown on cryptocurrency, Financial Times reported on Monday

MOSCOW (UrduPoint News / Sputnik - 22nd November, 2021) More than 2 million crypto mining computers have been moved out of China to other countries, including Russia, amid a mass exodus prompted by the Asian country's crackdown on cryptocurrency, Financial Times reported on Monday.

In May, Beijing outlawed cryptocurrency mining and trading. This was followed by a ban on all cryptocurrency transactions in September.

According to FT, over 2 million computers have since been moved out of the country by the world's 14 largest crypto mining companies. Most of them have been sent to the United States, Canada, Kazakhstan and Russia.

In Russia, Moscow-based company Bit Cluster received more than 5,000 computers from China weeks after the mining ban. Russian crypto mining company BitRiver is reported to currently be hosting 1.8 million machines from Chinese miners.

Meanwhile, 80,000 machines from Chinese mining company Bitfufu and 7,849 from BIT Mining were shipped to Kazakhstan.

China's crackdown is motivated by the view that cryptocurrency trading threatens its financial order and begets illegal and criminal activities such as gambling, fraud and money laundering.