Nasdaq-listed Bitcoin mining firm Bit Digital announced the completion of the company shift in the United States after China’s crypto and mining ban.
In the middle of this year, China banned crypto trading and mining operations from the country. And that resulted in a big issue for the companies, which were providing crypto trading services. And main importantly it resulted in a big problem for the crypto mining firms. Crypto trading services provider firms can shift their businesses headquartered in another country easily but mining firms need to shift all mining rigs and equipment to another country which is not an easy task for most small companies. As a result, many small mining firms either merged with other big companies or closed their operations forever.
Bit Digital is one of the Chinese Bitcoin mining firms. This firm faced a huge problem shifting its business to the US. In the latest, Company announced that they completely shifted the company’s operations in the United States.
“We completed our fleet’s exit from China”
Bryan Bullett, the CEO of Bit Digital, stated on this completion of work and said
“It’s unusual that a business is faced with migrating the majority of its operating assets across the globe on an expedited timeline,”
And also said that to shift the company from China to the US was really a tedious job for us but still we did somehow. Now the company aims to contribute to the high hash power to make the Bitcoin network more decentralized.
It is worth noting, around 79.1% of Chinese Bitcoin miners shifted to North America only and the rest of them are struggling and doing their best to exit completely from China.