Chinese hydropower plants on sale as crypto miners move overseas

[ad_1]

Small hydropower plants in China are said to be looking for new customers as crypto miners travel overseas amid a nationwide crackdown on mining activity.

According to the South China Morning Post (SCMP), advertisements for small hydropower plants with a capacity of 50 megawatts have jumped on Chinese second-hand e-commerce platforms like Xianyu.

According to the SCMP, some sellers claimed their ads were unrelated to the cryptocurrency mining industry, while others said their offers resulted from the recent crackdown on crypto mining.

A seller reportedly said the small dams rely on crypto miners for their customers because they did not get approval from state authorities and environmental protection agencies to connect to the network electric.

“You can secretly mine cryptocurrency if you buy a hydroelectric power plant,” a seller told SCMP.

The news comes as Chinese Bitcoin (BTC) minors surrender or relocate their operations to other countries. Bitmain, the world’s largest provider of crypto mining equipment, reportedly worldwide spot sales halt for its new crypto miners last week to avoid customer losses in massive aftermarket sales. A number of key industry players, including Bitmain rival Canaan and leading mining pool BTC.com, have been relocation operations more countries favorable to crypto mining like Kazakhstan.

Related: Nvidia GPU prices in China drop amid crackdown on crypto mining

Meanwhile, the price of GPUs on the mainland fell dramatically. Some reports have revealed that this was the result of a decrease in demand from cryptocurrency miners. Asus’ RTX 3060 card reportedly sold for $ 730 earlier this month, down from its record price of $ 2,100 in May on JD.com-operated online retail site Tmall .