A renowned Chinese logistics firm is airlifting 3.3 tons of bitcoin mining machines to Maryland as the Chinese government restricts its cracks down on the industry.
Photos appearing to point out the equipment packed up and prepared to be airlifted were shared on Twitter Monday by CNBC’s senior correspondent in Beijing, Eunice Yoon. Guangzhou-based Fenghua International said to CNBC that it’s airlifting 3,000 kg of machines to Maryland.
This weight of mining machines “would be about 200 units of S19,” Thomas Heller, a chief business officer at Compass Mining, outlined. An Antminer S19 Pro weighs about 15.2 kg.
The CNBC photos fit into an emerging narrative of bitcoin’s exodus from China but the Fenghua shipment represents a really small load, Heller added. The recent crackdown on Bitcoin [BTC] mining involves partial bans on the industry in several provinces.
“3,000 kg sounds huge, but compared to the number of miners that get shipped regularly, it’s just a little batch,” he added.
With a hash rate of about 95 terahashes per second, 200 of the machines equate to 19,000 TH/s.
As per blockchain data, Heller estimates that 50 exahash per second of mining capacity in China has been turned off recently, or the equivalent of 526,000 S19 machines. One EH is adequate to 1 Mln TH. That gives about 80k metric tons of machinery.
“That is if it was just S19s. But there are also countless S9s and old-gen units, therefore the total kg amount would be much higher,” Heller explained.