China’s AirNet Technology eyes Kazakhstan for bitcoin farm

The investor to decide after evaluating its partner in Kazakhstan / Photo: Shutterstock, photo editor: Milosh Muratovskiy

China’s AirNet Technology Inc. is considering establishing a Bitcoin mining farm in Kazakhstan, according to a notice published on the Nasdaq website.

The company has signed an investment letter of intent (LOI) with Kazakhstani STH Corp. for potential investment in a 130-megawatt (MW) mining farm project in Kazakhstan.

The project includes:

Building a 70-MW facility connected to the national power grid.
Developing a 60-MW-generating unit powered by natural gas.
Implementing advanced liquid cooling technologies to enhance productivity and extend equipment lifespan.

AirNet Technology highlighted that the LOI does not obligate either party to proceed with a deal. The company will conduct a legal and business assessment of STH Corp. before making a final investment decision.

AirNet Technology, formerly known as AirMedia Group Inc., initially specialized in in-flight entertainment and advertising technologies. However, after the COVID-19 pandemic severely impacted the aviation industry, the company sought to diversify its business, venturing into cryptocurrency mining.

The firm previously mined Ethereum, but when Ethereum transitioned to a Proof-of-Stake model, mining was no longer viable, leading to a sharp decline in revenue. In 2024, AirNet Technology decided to reenter the cryptocurrency sector.

In May 2024, the company reportedly acquired Bitcoin mining equipment and recently signed an agreement with BTC KZ, a Kazakhstani company specializing in building and maintaining industrial crypto mining data centers. The deal allows AirNet Technology to host its mining servers at BTC KZ’s data center in Almaty.

According to Kazakhstan’s official eGov.kz portal, STH Corp. provides server rooms and data centers. The company is registered in Almaty, with founders listed as NIU MOWang Technology Co. Ltd. and Sanzhar Rakhimov. NIU MOWang Technology Co. Ltd. is registered with the Astana International Financial Centre (AIFC) and is owned by Jin Chen.

Since 2022, Kazakhstan has imposed fees on digital mining, with rates varying based on electricity cost per kilowatt-hour (kWh) consumed in mining operations (e.g., about $0.050 per kWh).