China's ban forces some bitcoin miners to flee overseas, others sell out

FILE PHOTO: Men buy snacks at a store where bitcoins are accepted at El Zonte Beach in Chiltiupan, El Salvador June 16, 2021. REUTERS/Jose Cabezas

SHANGHAI: China's sweeping ban on cryptocurrency mining has paralysed an industry that accounts for over half of global bitcoin production, as miners dump machines in despair or seek refuge in places such as Texas or Kazakhstan.

"Many miners are exiting the business to comply with government policies," said Mike Huang, operator of a cryptomining farm in the southwest province of Sichuan.