Bitcoin

According to a recent report by Bloomberg, the Bitcoin mining industry is shifting to Southeast Asia after China prohibited it in 2021. The miners who were forced to close operations in China are now setting up in unexpected places across the region, from abandoned industrial sites to former factories. 
One example is Bityou, a mining company located in Tanjung Manis, Sarawak, Malaysia. The founder, Peter Lim had to abandon his former location which shelters a 10,000-rig, 20-megawatt operation in China. 
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 Most companies already left this industrial park. We decided to make use of these abandoned resources. <cite><a href="https://www.bnnbloomberg.ca/bitcoin-miners-pivot-to-southeast-asia-after-china-crackdown-1.2085091" target="_blank" rel="noreferrer noopener nofollow">Said</a> Lim.</cite>
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Southeast Asia’s appeal for Bitcoin miners lies in its reasonably priced electricity, skilled workers, and existing infrastructure. The region is rapidly rising in interest, with Malaysia contributing 2.5% of the global hashrate. 
However, setting up operations is not always straightforward. Miners often face regulatory challenges, power supply issues, and even police raids for illegally using electricity. Despite these challenges, significant growth is expected in both mining and manufacturing in the region. 
“Southeast Asia is poised to take off in the next few years,” said Taras Kulyk, founder and CEO of SunnySide Digital, a distributor of data center hardware. 
<blockquote class="wp-block-quote is-layout-flow wp-block-quote-is-layout-flow"> 
 Also Read: <a href="https://www.cryptotimes.io/2024/06/13/bitfarms-stock-surges-47-as-riot-takeover-attempt-heats-up/" target="_blank" rel="noreferrer noopener">Bitfarms’ Stock Surges 47% as Riot Takeover Attempt Heats Up</a> 
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Bitcoin Miners Move Operations to Southeast Asia Amid China Crypto Ban

The Crypto Times

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