Rig maker Bitmain offers help to Chinese miners looking to relocate abroad

Chinese mining rig maker Bitmain is offering assistance to clients that want to relocate their cryptocurrency mining operations from China to other countries, according to a statement.

Fast facts:

• Bitmain called a meeting of businesses in the crypto mining industry on June 19 in Chengdu, the capital of the southwestern province of Sichuan, which had attracted miners thanks to its abundant hydropower resources, according to the statement.

• To address potential mining machine maintenance issues, Bitmain is rolling out a “Hub” service that could shorten the time required for overseas repairs from three weeks to as little as four days, it said in the statement.

• In the meeting, Bitmain offered to share its experience of overseas company registration, mining farm construction, staff recruitment, language support and operational compliance, according to the statement. The company also said it would continue to find more quality power resources, especially clean energy sources.

• The Bitmain-hosted meeting took place as China tightens the screws on the crypto mining sector, promoting Chinese miners to consider decamping to countries in which they are less unwelcome.

• Bitmain has also stopped selling in-stock cryptocurrency mining equipment amid a plunge in prices following a shutdown of major mining pools in China, the company told Chinese media outlet Jiemian.

• Canaan, one of the world’s biggest crypto mining rig makers, has launched its own crypto mining business in Kazakhstan, with some Avalon Miner units already in operation, it said yesterday. Edward Lu, a senior vice president at Canaan, told Forkast.News today in an email that the company was partnering with local mining companies to deploy its own mining machines, although “moving forward, Canaan will also consider directly investing and operating mines ourselves, but that will come at a later stage.”

• Dmitriy Ivanov, a sales director at Enegix, one of the biggest crypto mining firms in Kazakhstan, which last year opened a 180 megawatt data center, told Forkast.News on Tuesday that in addition to offering hosting services for Chinese miners, it was currently in talks with some companies to jointly invest and build new mining facilities in the country.