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Crypto Mining’s Great Migration Continues — Out Of Kazakhstan

A new wave in crypto’s Great Migration is starting — this time, out of Kazakhstan, which only recently swelled with crypto miners to become a global Bitcoin-producing hub. Driven out of China through crackdowns starting last spring, crypto miners resettled en masse in neighboring Kazakhstan, and in a matter of months turned the landlocked Central Asian nation into the world’s second-largest Bitcoin producer. But Kazakhstan’s political chaos and frequent power outages are now driving many crypto miners to pack their bags — and gear — to move again. This time, many are headed overseas and possibly leaving Asia for good. “Around nine companies started moving equipment last week,” Alan Dorjiyev, president of National Association of Blockchain and Data Centers Industry in Kazakhstan, told Forkast today, adding the country continues to suffer from shortages in electricity. Bitmain-backed cloud miner BitFuFu is among the new wave of migrants. BitFuFu announced last week it had decided to relocate cloud hosting servers from Kazakhstan to North America. The mining company had just last year shipped 80,000 machines from China to farms in Kazakhstan, according to Financial Times. “The international mines can effectively lower the regional risks and keep our users’ assets safe,” BitFuFu said in a statement. BitFuFu told Forkast its servers for leasing are being deployed to mining facilities in the U.S. and other countries and are operating as usual. “The company will assess the remaining computing power in Kazakhstan after the local power supply resumes its usual capacity,” a company representative said. --- #Crypto #Blockchain #BlockchainTechnology #DigitalAssets #Cryptocurrency #DeFi #migration #miner #cryptominer #Kazakhstan #china --- RECOMMENDED PLAYLISTS: Word On The Block: https://youtube.com/playlist?list=PLENVHIZFjdMT-q2_LSNncbuoS_LGiuLz2 The Daily Forkast: https://youtube.com/playlist?list=PLENVHIZFjdMRfYkVfu0Mg30_NmcV5Xnit --- ABOUT FORKAST.NEWS Forkast.News covers blockchain, DLT, cryptocurrency and other emerging technologies in a way that anyone can understand. We help you bridge the gap between the blockchain industry and the mainstream. From NFTs to enterprise blockchain platforms, smart contracts to altcoins, Bitcoin to DeFI and beyond; Forkast’s blend of insight, analysis & daily blockchain news keeps you on the cutting edge of the digital asset revolution and the wider digital economy it both supports and disrupts. ABOUT ANGIE LAU Angie Lau is editor-in-chief, CEO & founder of Forkast.News and host of ‘The Daily Forkast’. She is an award-winning veteran journalist, a respected thought leader in blockchain technology and a speaker at conferences around the world including the Forbes Summit, Binance Blockchain Week, Paris Blockchain Week Summit and the Asia Blockchain Summit. Before founding Forkast in July 2018, Angie anchored Bloomberg TV’s flagship morning show “First Up with Angie Lau” broadcast globally into 350 million homes, offices and trading floors. Angie’s TED Talk “I Am Not Supposed to Be Here” is now a TED-Ed lesson for its global audience of 6.7 million followers.