Share this article
Chinese Miner The9 Reserves Facilities From Russia's BitRiver
Facing regulatory pressure at home, The9 is looking to locate elsewhere.
Updated Sep 14, 2021, 1:24 p.m. Published Jul 13, 2021, 9:44 a.m.
Nasdaq-listed The9 became the latest Chinese mining firm to pack its bags after a regulatory crackdown.
STORY CONTINUES BELOW
Başka bir hikayeyi kaçırmayın.Bugün Crypto Daybook Americas Bültenine abone olun. Tüm bültenleri gör
The Shanghai-based company reserved 15 megawatts of capacity in a 300MW hydro-powered facility of Russia's BitRiver, according to a press release. The two-year agreement includes an option to extend for a further year.
Originally an online gaming company, The9 pivoted to mining in January 2021 with the purchase of 2,000 machines when bitcoin prices were soaring and many Chinese U.S.-listed firms were jumping into crypto.
Read more: Chinese Bitcoin Mining Company Delivers First Machines to Kazakhstan
Online gambling firm 500.com entered the industry around the same time, later changing its name to BIT Mining. It has also relocated, moving its rigs to Kazakhstan following regulatory pressure.
Reklam
In May, China's State Council called for a crackdown on bitcoin mining to "control financial risk." Provincial authorities in Inner Mongolia and Sichuan banned mining after the announcement, and mining firms have been scrambling to move thousands of rigs abroad.
Sizin için daha fazlası
BitSeek: Decentralized AI Infrastructure Revolutionizing the Web3 Industry
Tarafından sipariş edildiBitSeek
Sizin için daha fazlası
Bitcoin Jumps to $99K as Spiking Coinbase Premium Points to Strong U.S. Buying
Spot BTC prices were at times $300 pricier on Coinbase relative to Binance, suggesting the rally may be driven by heavy demand from American investors.
Bilinmesi gerekenler:
- Bitcoin surged towards $100,000 on Wednesday's U.S. trading session, gaining 3.2% in the past 24 hours.
- The rally coincided with significant spot BTC price premium on Coinbase.
- Fed Chair Jerome Powell called bitcoin a competitor to gold during a panel discussion.
Top Stories
