Russia, Venezuela and Paraguay benefit from the exodus of Chinese cryptocurrency miners -newspaper

Moving older mining equipment like Antminer S9 to the U.S. is uneconomical, so older generation machines end up in countries like Venezuela or Paraguay, less stable from a regulatory standpoint but with cheap electricity.

RIO DE JANEIRO, BRAZIL - China triggered a veritable exodus of cryptocurrency mining machines, first and foremost to the United States, Canada, Kazakhstan, and Russia, but also countries such as Venezuela and Paraguay for more obsolete equipment, writes Financial Times.

Since Beijing launched a campaign against bitcoin last May, 14 of the world's largest cryptocurrency miners relocated more than two million pieces of equipment to other countries, mainly the US, Canada, Kazakhstan, and Russia.

Read also: Check out our coverage on Paraguay

For example, Chinese companies Bitfufu . . .

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