The global mining machinery is undergoing a new round of reallocation after China announced in May that it would phase out the energy-intensive cryptocurrency mining industry.  The Financial Times reported that just over 2 million devices were recently shipped to Russia, Kazakhstan, the US/Canada and other regions.  Cryptocurrency, the mining machine's main output, has been showing signs of weakness recently after a year of soaring prices.  

Mining bosses are also scrambling to move millions of cryptocurrency mining equipment to the US, Canada, Kazakhstan, and Russia after strict policies were introduced in May to phase out the energy-intensive industry, the report said.  

One of the beneficiaries of this outflow of equipment is Bit Digital, a CRYPTOCURRENCY mining company based in the Us.  It hired an international logistics company to ship the equipment to the United States, with 1,000 still waiting to be shipped from New York Harbor.  

Sam Tabar, Chief strategy officer at Bit Digital, said:  

It started the device transfer in March 2020, a wise decision in hindsight.  At the time of the cryptocurrency mining ban, it hosted about 20,000 mining machines in China.  

But the influx of devices has created another problem -- companies need to find more co-located space to host them.  

On the other hand, ETF Trends suggests that China's initial ban on cryptocurrency mining could be followed by more environmentally conscious regional governments in the future.  

Authorities from Sweden's Financial Regulatory Authority and environmental Protection Agency, for example, are reportedly calling for more effective controls on cryptocurrency mining in order to meet the emission reduction targets agreed in the Paris climate Agreement.  

Erik Thedeen and Bj Rn Risinger point out in a local newspaper:  

Cryptocurrency mining consumes the electricity equivalent of 200,000 homes. We need to stop it.  

If large-scale mining of cryptocurrencies is allowed in Sweden, we face huge risks, such as the failure to deliver on key commitments to mitigate climate change due to a shortage of renewable energy.  

Not to mention steel products based on no fossil fuels, mass battery production, and the electrification of transportation.