CoinPY, a once-thriving crypto company in Latin America, seeks a new owner who can revive the glory of its mining farm. According to Rocelo Lopes, there is an ongoing negotiation with the prospective buyer, a Chinese business group that operates in the same industry.
The interested buyer reached out to CoinPY due to the tightening crypto regulations in China. Notably, the Chinese group believes that the situation would get worse once the government finally launch its controversial central bank digital currency (CBDC). They fear that the digital version of Yuan would bring new persistent problems to the crypto industry.
The revelation comes as no surprise as the crypto community has been seeing the trend for a few months now. The rainy season in China runs from April to September, and many mining operators whose businesses are located in Sichuan, the largest mining region in the world, are now looking to move their operations elsewhere. Among the most common places where miners prefer to move are Xinjiang, Yunnan, and Inner Mongolia. Notably, mining operators tend to take advantage of the dry season as well as the massive amount of energy produced by thermal power plants in these regions.
CoinPY is registered in Paraguay. Uzbekistan and Kazakhstan are also a hot destination for Chinese mining operators and companies who seek to house outdated mining machines such as Antiminer S9, E10, and M3. If the deal would be sealed, the existing equipment in the CoinPY mining farm would be removed and replaced.