“Massive exodus of mining in China” moves cryptocurrency companies

China’s recent move against cryptocurrency mining has prompted bit Digital Inc to change its plan. Instead, the Nasdaq-listed company has stepped up its efforts to buy more than 20,000 computer systems from another country.

The New York-based company uses these machines in its core business. By connecting powerful computer systems to low-cost electricity sources, the machines will generate money. Moreover, such a link allows these machines to be used to unlock bitcoins using math problems.

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The mining process has evolved from the usual single PC operation, which can last a decade. This operation now represents a huge job that requires enormous electrical power and a range of computer systems.

Companies Mining Cryptocurrency Will Face Dangers As They Move
Bit digital and other cryptocurrency mining companies now have some problems moving their machines. The move comes from a primitive phase that uses two-thirds of the world’s energy for bitcoin mining. When it shakes, the machines break as a rule.

This makes international packaging and shipping very complicated. What’s more, it costs about $ 12,000 to buy a new PC.

Some companies decide to transport their computer systems by sea or air. Their decisions will be taken into account shipping volume and applicable fees.

Bit Digital reported that Sichuan Province in China has 9,484 mining machines covering a third of its systems. The company said the figure reflected its value as of June 30, 2021.

According to Bit digital’s Chief Technology Officer Samir Tabar, the company has sought help from large-scale global logistics in transporting cryptocurrency mining systems.

He said they believe the computer systems will be in North America by early September. After that, the company plans to distribute the machines at locations in Georgia

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