Friday, May 20, 2022

Chinese Small Hydropower Plants On Sale, As Crypto Miners Shifts Abroad

As the Chinese crypto miners shift their businesses out of the country, the small-scale hydroelectric plants started searching for new customers, as per the report.

A report published by South China Morning Post (SCMP) states, “Advertisements for small-scale hydro plants with 50-megawatt capacity have surged on Chinese secondhand e-commerce platforms such as Xianyu.”

The report further states that not all the advertisements on the e-commerce platforms were related to the crypto mining industry. However, there have been some hydroelectric plants advertisements which were inspired by the recent crackdown on crypto mining.

As per one of the sellers, the small dams usually depend on crypto miners for a customer base because neither the state authorities nor the environmental protection agencies provide them approval for connecting to the power grid.

During an interview with SCMP, the seller told, “You can secretly mine cryptocurrency if you buy a hydropower station.”

It has been reported that after the Chinese miners started moving their business to other countries, Bitmain, the largest crypto mining equipment provider, stopped its global spot sales for the new crypto miners.

Bitmain took this step to avoid the loss by customers amid massive selling on the secondary market.

Notably, many of the members of the crypto industry like Canaan and major mining pool BTC.com have decided to shift their operation to more crypto mining-friendly countries like Kazakhstan.

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