Cryptocurrency, News

Mongolia looks to host Chinese crypto projects and mining farms

We are learning more about Mongolia’s desire to become a landing spot for Chinese companies looking to move their mining facilities and ICOs elsewhere after China banned these activities. Mongolia offers cheap energy, cheap labor force, few regulations and a close proximity to China. These advantages could allow Mongolia to become a new crypto haven and provide opportunities to their country.

GOBI (Global Operation for Bit Industry) recently signed a $500 million contract to launch over 300,000 mining machines in Southern Mongolia with hopes of more expansion in the future. The current cost of electricity in Mongolia is 5 cents per kWh which is nearly 3 times cheaper than China.

blockchain-banner-ad

We believe Mongolia will look to build new power plants as more mining facilities move into their country. We are also seeing many companies move their operations to Japan, Singapore, Philippines and other Southeast Asian countries. There is large crypto business in China and it will ultimately not be stopped, just potentially slowed due to Chinese regulations.

Leave a Reply