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Bitcoin Miners Pivot to Southeast Asia After China Crackdown

From bnnbloomberg.ca

The 17-acre cement slab in the middle of a Borneo industrial area once belonged to a logging company. Long ago that business abandoned the site to the elements, leaving just rudimentary structures and a four-story-tall concrete birdhouse made to lure swiftlets whose nests, built with saliva, fetch high prices in China. But in 2023, another industry moved in: Bitcoin miners. Sheltered by a vast, sheet-metal roof, over 1,000 machines now roar away, while hundreds more sit nearby in cardboard boxes waiting to be unpacked. The site in Tanjung Manis, Sarawak, is the largest of four operations in the area run by miner ... (full story)

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  • Category: Fundamental Analysis