SPC Miner – a crypto mining rig manufacturer that has its headquarters in the United Kingdom – has announced it’s going to start mining digital currencies in Kazakhstan. As the world’s biggest landlocked country, Kazakhstan offers the company the space and resources it needs to already begin setting up its new S21 mining rigs throughout the nation.
Kazakhstan Is the New Go-To Place for Mining Projects
Kazakhstan has become something of a central bitcoin mining hub for many cryptocurrency projects over the past six months. Things began taking this direction during the summer of 2021 when China announced – following new orders from Beijing – that the country was trying to become more carbon neutral. To do this, all bitcoin mining would be ended within China’s borders.
Practically overnight, all the crypto mining projects in China were shut down, and many miners were forced to find new places to be if they wanted to continue their businesses. Kazakhstan – being a neighboring country – seemed like a solid place, and many flocked here, as well as to regions in the United States such as Florida and Texas.
The decision for China to end its mining industry was a shocker given that the country hosted roughly 65 to 75 percent of the world’s mining projects. Clearly there was a lot of money to be made and the country was benefiting handsomely. Nevertheless, China took swift action against any crypto mining projects, and Kazakhstan became the go-to place for many miners.
SPC Miner founder Curtis Wei explained in a recent statement:
We believe that our self-operated bitcoin mining business will help us improve our financial performance as well as expand our business scope and customer base. As we integrate more industry resources into our operations, we believe this business segment will enable us to revitalize our mining machine inventory, shield us from bitcoin volatility, and ensure our inventory sufficiency during market upturns.
There seems to be a bit of downturn, however, given that Kazakhstan recently announced that it was enduring something of an energy crisis due to the heavy amounts of bitcoin and crypto mining occurring within its borders. Thus, it is unknown if SPC Miner will encounter issues or if it has, indeed, already located the electricity sources it needs to power its machines.
Extraction Is the Next “Logical Step”
SPC Miner continued its statement by mentioning:
On the flip side, when market activity is elevated, the mining business will also benefit from putting the processing capacity of older machines in use. The net result will be a considerable improvement in inventory planning and supply chain optimization throughout the year and unaffected by the price of bitcoin.
Founded by Crypto Facilities LTD, SPC Miner has become one of the leading bitcoin mining hardware manufacturers across the globe. While the company has primarily been a manufacturer of mining equipment, it has not yet taken part in the extraction process, which it describes as the next “logical step.”