Kazakhstan is no longer a mining paradise? Listed mining company BIT Mining decides to withdraw capital and increase investment in the United States, Ohio.

BIT Mining (BTCM), a cryptocurrency mining company based in Hong Kong, has terminated its investment in a nearly $10 million mining data center in Kazakhstan citing unstable power supply. However, BIT Mining's Bitcoin mining equipment hosted by a third-party data center in Kazakhstan is still operational.

According to a report by Coindesk, in May of last year, BIT Mining announced a $9.33 million investment to build a data center in Kazakhstan with a total generating capacity of 100 megawatts MW. However, in the first-quarter earnings report on the 18th, it was stated that the investment transaction in Kazakhstan has been terminated. Nevertheless, this decision will not affect the deployment of Bitcoin mining machines by BIT Mining in third-party data centers in the country.

The Q4 financial report of BIT Mining shows a revenue of $495.8 million, a 26% increase from the previous quarter's $393.1 million. After withdrawing from Kazakhstan, BIT Mining continues to expand its investment in data centers in the United States, focusing on the deployment and development of mining farms in Ohio, expected to be completed in the first half of this year, with a power capacity of up to 150 MW.

The decision of BIT Mining highlights the challenges faced by miners in Kazakhstan. Kazakhstan may not be supplying as much power to mining companies as previously expected, as mining sites require electricity distribution, and following political unrest in early January, power supply was temporarily cut off.

Prior to this, the miner BitFuFu supported by Bitmain also decided to abandon its deployment plans in Kazakhstan after weeks of power outages in the country.

This article is authorized and reproduced from Horizon News Network.