Chinese bitcoin miner exodus faces hurdles as equipment remains stuck

[superadmin]

Chinese bitcoin miner exodus faces hurdles as equipment remains stuck from shipment delays, tariffs and legal quagmire 

• As many as 2 million cryptocurrency mining machines are stuck in China’s Sichuan province, lawyers estimate, after a government crackdown halted operations
  
• Miners trying to move to North America are losing millions of dollars while waiting to export machines through complex shipping routes to avoid tariffs
  

A massive exodus of bitcoin mining equipment from China is facing hurdles as millions of machines remain stuck over complex relocation procedures, according to lawyers handling such cases.

The country’s cryptocurrency mining industry continues to deal with delays in getting their operations up and running again since the government started clamping down on related activities last May. The bitcoin mining crackdown has already pushed much of this activity offshore, but large mining operations are finding it difficult to get their pricey, specialised hardware out of the country.

Compounding their troubles is the fact that miners are losing potential revenue each day the machines are offline, to the tune of about 170 yuan (US$26.70) in profit per machine by one estimate. For the largest operations, this means a loss of millions of dollars that can never be recuperated.

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