Chinese Bitcoin Miners Ship Material To Texas
Last Updated on 7 September 2021 by CryptoTips.eu
Don’t be surprised if the next container being unloaded in a San Francisco dock does not contain computers or your Ikea sofa, but rather bitcoin mining equipment made in China. This is because the Chinese crackdown on bitcoin mining and trading (which started in May of this year), had an unexpected consequence.
By now, Chinese companies have started moving out their mining equipment from Shanghai or HongKong, put it in containers and are shipping it all the way to the US. Easiest is to unload it in California, from where it is then sent to Texas.
5 months versus 18 months
Kevin Pan, CEO of Chinese cryptocurrency mining company Poolin, declared in an interview with the BBC that when he heard about the Chinese crackdown, he decided to get on a flight the next day and leave the country. Whereas most people would expect the setup to be quite quick, it now seems that setting up a company in the US is not as speedy as it is in China. Looks like Bitcoin is showing the difference between continents.
Mass mining migration underscores the U.S. economic competitiveness opportunities of a global crypto industry looking for a safe, well-regulated domicile. https://t.co/VnfYPyGMaI
— Dante Disparte (@ddisparte) September 4, 2021
Mr Pan claimed that the construction of a full bitcoin farm would have taken him some 5 months in China. He now estimates that in order to get all documents arranged and the site built up, it will take some 18 months in Texas.
Still, the Chinese entrepreneur is determined to start in the Lone Star State, and looks positively to the future, saying:
It’s a free land, and a lot of bitcoiners are here, so we feel: ‘whoa, family reunion.’
