Nasdaq-listed The9 became the latest Chinese mining firm to pack its bags after a regulatory crackdown.

The Shanghai-based company reserved 15 megawatts of capacity in a 300MW hydro-powered facility of Russia's BitRiver, according to a press release. The two-year agreement includes an option to extend for a further year.

Originally an online gaming company, The9 pivoted to mining in January 2021 with the purchase of 2,000 machines when bitcoin prices were soaring and many Chinese U.S.-listed firms were jumping into crypto.

Online gambling firm 500.com entered the industry around the same time, later changing its name to BIT Mining. It has also relocated, moving its rigs to Kazakhstan following regulatory pressure.

In May, China's State Council called for a crackdown on bitcoin mining to "control financial risk." Provincial authorities in Inner Mongolia and Sichuan banned mining after the announcement, and mining firms have been scrambling to move thousands of rigs abroad.