A Chinese-based Nasdaq-listed cryptocurrency firm has become the latest to decamp to Kazakhstan following the clampdown on bitcoin mining in China.
The9 Limited (NASDAQ:NCTY) has signed a joint venture agreement with Kazakh crypto miner KazDigital to build a 100Mw mining site in the country, with 1,000 mining machines to be to be shipped there for a trial operation.
KazDigital will be responsible for the operation and management of the joint venture once it has launched.
Major crypto mining machine maker Canaan sets up Kazakh operation following China crackdown
Kazakhstan has become the destination of choice for many China-based crypto miners who have seen restrictions on their activities ramped up recently as part of a clampdown by provincial authorities there.
Canann Inc (NASDAQ:CAN), one of the world’s largest manufacturer’s of crypto mining machines, recently set up in Kazakhstan while BIT Mining (NYSE:BTCM) has moved almost 3,000 mining machines out of China into Kazakhstan.
Shares in The9 jumped 14% today to US$12.92.