Chinese language hydropower vegetation on sale as crypto miners transfer overseas

Small-scale hydroelectric vegetation in China are reportedly in search of new clients as crypto miners go overseas amid a nationwide crackdown on mining exercise.

In response to the South China Morning Submit (SCMP), ads for small-scale hydro vegetation with 50-megawatt capability have surged on Chinese language secondhand e-commerce platforms like Xianyu. 

In response to the SCMP, some sellers claimed that their listings have been unrelated to the cryptocurrency mining business, whereas others stated that their bids got here on account of the current crackdown on crypto mining. 

One vendor reportedly stated that small dams depend on crypto miners for a buyer base as a result of they haven’t obtained approval from state authorities and environmental safety companies to hook up with the ability grid.

 “You may secretly mine cryptocurrency in case you purchase a hydropower station,” one vendor advised SCMP.

The information comes as Chinese language Bitcoin (BTC) miners are capitulating or relocating their operations to different international locations. Bitmain, the most important crypto mining gear supplier on this planet, reportedly halted world spot gross sales for its new crypto miners final week so as to keep away from losses by clients amid huge promoting on the secondary market. Quite a few key business gamers together with Bitmain’s rival Canaan and main mining pool BTC.com have been relocating operations in additional crypto mining-friendly international locations like Kazakhstan.

Associated: Nvidia GPU costs in China fall amid crypto mining crackdown

In the meantime, the value of GPUs within the mainland has dropped dramatically. Some reviews discovered that this was a results of decreased demand from cryptocurrency miners. Asus’ RTX 3060 card was reportedly promoting for $730 earlier this month, down from its peak worth of $2,100 in Might on JD.com-operated on-line retail website Tmall.