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Bitcoin miners find refuge in Southeast Asia after China's cryptocurrency crackdown

09:55 PM | 19 Jun, 2024
Bitcoin miners find refuge in Southeast Asia after China's cryptocurrency crackdown

In response to China's ban on Bitcoin mining in 2021, the industry is witnessing a significant migration to Southeast Asia, where miners are repurposing abandoned industrial sites and former factories to resume operations. This move comes as miners seek out favorable conditions in the region, including accessible electricity and skilled labor.

One such example is Bityou, led by founder Peter Lim, which relocated to Tanjung Manis, Sarawak, Malaysia. Lim, compelled to leave behind a 10,000-rig, 20-megawatt setup in China, seized the opportunity presented by abandoned resources in the region.

"Most companies already left this industrial park. We decided to make use of these abandoned resources," explained Lim.

Southeast Asia's allure for Bitcoin miners stems from its cost-effective electricity rates, availability of skilled workers, and existing infrastructure. Malaysia alone contributes 2.5% to the global hashrate, underscoring its growing significance in the cryptocurrency mining landscape.

However, establishing operations in Southeast Asia is not without its challenges. Miners frequently encounter regulatory hurdles, electricity supply constraints, and occasional law enforcement interventions for unauthorized power usage. Despite these obstacles, experts anticipate robust growth in both mining activities and associated manufacturing ventures across the region.

"Southeast Asia is poised to experience substantial growth in the coming years," remarked Taras Kulyk, founder and CEO of SunnySide Digital, a prominent distributor of data center hardware.

The shift of Bitcoin mining operations to Southeast Asia marks a pivotal moment in the global cryptocurrency industry, reflecting a strategic adaptation to regulatory changes and regional opportunities. As miners navigate these new territories, the landscape of digital currency production continues to evolve, influenced by both technological advancements and geopolitical developments.

The author is a staff member.

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US Dollar, Euro, Pound, Dirham, Riyal Rate in Pakistan Today Open Market Rates - 15 July 2024

Pakistani rupee rates against US Dollar and other currencies on July 15, 2024 (Monday) in open market.

USD to PKR Rate Today

US dollar was being quoted at 279.8 for buying and 280.75 for selling. Euro's buying rate moves up to 301.25 and selling rate is 303.15.

British Pound rate is 355.15 for buying, and 358.65 for selling. UAE Dirham AED was at 76.5 and Saudi Riyal lowered to 73.65.

Currency Rates Today

Source: Forex Association of Pakistan. (last update 08:00 AM)       
Currency Symbol Buying Selling
US Dollar USD 279.8 280.75
Euro EUR 301.25 303.15
UK Pound Sterling GBP 355.15 358.65
U.A.E Dirham AED 76.5 77.25
Saudi Riyal SAR 73.65 74.37
Australian Dollar AUD 184.55 186.35
Bahrain Dinar BHD 741 749
Canadian Dollar CAD 203.75 205.75
China Yuan CNY 38.35 38.75
Danish Krone DKK 40.05 40.45
Hong Kong Dollar HKD 35.7 36.05
Indian Rupee INR 3.33 3.43
Japanese Yen JPY 1.91 1.99
Kuwaiti Dinar KWD 908.25 917.35
Malaysian Ringgit MYR 58.95 59.75
New Zealand Dollar NZD 169.24 171.24
Norwegians Krone NOK 26.04 26.34
Omani Riyal OMR 722.87 730.89
Qatari Riyal QAR 76.39 77.09
Singapore Dollar SGD 202 204
Swedish Korona SEK 26.5 26.8
Swiss Franc CHF 309.15 311.65
Thai Bhat THB 7.5 7.65



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