Media: Three tonnes of bitcoin miners to be moved from China to the United States

Against the backdrop of Chinese authorities’ crackdown on the crypto industry, a logistics firm in Guangzhou said it was transporting a large batch of bitcoin miners to the United States. CNBC’s Eunice Yoon reports.

#China logistics firm in Guangzhou confirms to @CNBC it’s airlifting 3,000kg (6,600lbs) #bitcoin mining machines to Maryland, USA. Fenghua International advertises products delivered to door, tax on both ends cleared. Price per kilo: as low as $9.37! #cryptocurrencies pic.twitter.com/8yUjZjhpkk

— Eunice Yoon (@onlyyoontv) June 21, 2021

According to Yoon, the 3,000 kg cargo will be delivered to Maryland by air.

Earlier, Miami Mayor Francis Suarez told of plans to attract Chinese miners to the city, offering them access to nuclear power. He stressed that he had not received concrete proposals, but was confident that cheap electricity would attract industry players.

18 May journalist Colin Wu reported that three associations under the People’s Bank of China issued a joint notification prohibiting companies from engaging in cryptocurrency-related business.

On May 21, Vice Premier Liu He, speaking at a meeting of the Financial Stability and Development Committee, said the Chinese authorities planned to take measures against digital asset mining and bitcoin trading.

On May 24, Xinhua News Agency released a piece criticizing digital gold and cryptocurrency mining. Later media clarified that Bitcoin trading is not prohibited, but requires protection of ordinary people’s interests.

On May 25, the Inner Mongolia Reform and Development Commission presented a list of measures to combat illegal mining concerning various organisations operating in the autonomous region.

On the backdrop of tightening regulation:

• Bitcoin exchanges Huobi and OKEx reduced the scope of services for Chinese residents;
• the trading platform Bybit announced restrictions for users from the PRC;
• the local social network Weibo blocked accounts of cryptocurrency bloggers;
• the ASIC equipment maker Bitmain cut the price of Antminer devices by 20%.

On June 10, authorities in Qinghai Province ordered miners to halt operations. Local regulators will begin monitoring.

On June 11, media reported that authorities in Yunnan Province planned to ban cryptocurrency mining. One of the pools spoke of plans to move operations to North America.

On June 18, Sichuan Province authorities ordered miners to stop mining digital assets until June 20.

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