The updated restrictions in China have put immense pressure on miners and Bitmain intends to help them out.
Chinese journalist, Colin Wu confirmed the news and added that the company has also given a go-ahead for a full overseas transfer due to which some of the top-level executives were moving overseas.
Earlier today, Canaan, one of the largest miner producers announced moving to Kazakhstan to continue mining Bitcoin.
Kazakhstan, a Central Asian country neighboring China has been seen more mining-rig operators flood in.
It was clear from the mining industry’s point of view that the Chinese authorities were keen on cutting off crypto and related businesses.
BIT Mining revealed investing $35 million in crypto mining data centers in the two countries less than a week after China tightened regulations.
Namrata is a full-time journalist at AMBCrypto covering the US and Indian market.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.