As we have informed you in the past, as cryptocurrency mining has been completely banned in China, these companies are looking for a suitable place to continue their business. Alternative countries are most often Iran and Kazakhstan, while the second one will soon be home to a huge new crypto farm with an output of up to 100MW thanks to cooperation between the Chinese Internet Company (NCTY) and KazDigital.
The news was announced by NCTY, which is listed on the Nasdaq Stock Exchange, and according to available information, the first phase with a capacity of 25MW was completed on August 1 this year. The remaining 75MW will be completed every 25MW each quarter until complete completion in the first quarter of 2022, with Kazdigital preparing the first 1,000 mining machines to ensure the full functionality of all processes. Cai ZhiFang, CEO of NBTC Limited, commented as follows:
“We believe we should seize the unique opportunity of a rapidly changing mining environment to accelerate the layout and expand resources in the mine. In the near future, Ninetowns will continue to actively seek low-cost and green energy mines for digital currencies in various regions.”