Advertisements for small-scale hydro plants have reportedly surged on Chinese secondhand e-commerce platforms.
Small-scale hydroelectric plants in China are reportedly looking for new customers as crypto miners go abroad amid a nationwide crackdown on mining activity.
According to the South China Morning Post (SCMP), advertisements for small-scale hydro plants with 50-megawatt capacity have surged on Chinese secondhand e-commerce platforms such as Xianyu.
According to the SCMP, some sellers claimed that their listings were unrelated to the cryptocurrency mining industry, while others said that their bids came as a result of the recent crackdown on crypto mining.
One seller reportedly said that small dams rely on crypto miners for a customer base because they have not obtained approval from state authorities and environmental protection agencies to connect to the power grid.
“You can secretly mine cryptocurrency if you buy a hydropower station,” one seller told the SCMP.
The news comes as Chinese Bitcoin (exposedcrypto.com/bitcoin-price-index”>BTC) miners are capitulating or relocating their operations to other countries. Bitmain, the largest crypto mining equipment provider in the world, reportedly exposedcrypto.com/news/bitmain-reportedly-suspends-bitcoin-miner-orders-amid-booming-secondhand-supply”>halted global spot sales for its new crypto miners last week in order to avoid losses by customers amid massive selling on the secondary market. A number of key industry players including Bitmain’s rival Canaan and major mining pool BTC.com have been exposedcrypto.com/news/chinese-crypto-mining-firm-canaan-sets-up-shop-in-kazakhstan-amid-crackdown”>relocating operations to more exposedcrypto.com/news/denied-electricity-world-s-5th-largest-mining-pool-leaves-china-for-kazakhstan”>crypto mining-friendly countries such as Kazakhstan.
Related: exposedcrypto.com/news/nvidia-gpu-prices-in-china-fall-amid-crypto-mining-crackdown”>Nvidia GPU prices in China fall amid crypto mining crackdown
Meanwhile, the price of GPUs in the mainland exposedcrypto.com/news/nvidia-gpu-prices-in-china-fall-amid-crypto-mining-crackdown”>has dropped dramatically. Some reports found that this was a result of decreased demand from cryptocurrency miners. Asus’ RTX 3060 card was reportedly selling for $730 earlier this month, down from its peak price of $2,100 in May on JD.com-operated online retail site Tmall.