China’s Bitcoin mining company – Optimum Mining Host – intends to move its mining capacity with a total of 1 million systems to Canada. The move is expected to be phased in over the next 24 months with assistance from Black Rock Petroleum Company.
With China taking tough measures against cryptocurrency mining operations, many farms have already closed and are looking for work opportunities elsewhere. The two main reasons China has banned cryptocurrency mining operations are because the country is striving to achieve carbon neutrality and the People’s Bank of China wants to move away from volatile cryptocurrencies.
“Trading in virtual currency disrupts the normal economic and financial order, creates the risk of illegal and criminal activities such as illegal cross-border asset transfers and money laundering, and seriously compromises the security of people’s property “the People’s Bank of China said in a statement.
In parts of China, cryptocurrency mining has already been halted and video card prices in the country have started to drop. And now Bitcoin mining companies are forced to look for other places to continue their business.
Optimum Mining Host and Black Rock Petroleum Company said in a statement that one million mining rigs are expected to be located at three sites in Alberta, Canada. In doing so, Caledonian Mainstream – owner and operator of 14 high-grade natural gas production wells – will become a wholly-owned subsidiary of Black Rock Petroleum Company. After completing this transaction
Black Rock will use a Caledonian site to host and operate up to 200,000 miners, a second site to house 300,000 miners and a third site (to be determined shortly after negotiations) for 500,000 miners.
The statement does not indicate how the costs of operating the mining farms will be allocated. It is likely that the two companies will share the costs. It should also be noted that the Black Rock Petroleum Company website is very straightforward, it only uses stock images. Founder Zoltan Nagy holds the positions of “President and CEO”, as well as the positions of “Finance and Accounting Specialist, Treasurer, Secretary, Director”. In the “About us” section, the two business leaders appear without portraits, instead a stock image is used.
A source: wccftech
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