China’s Bitmain halts sales of cryptocurrency mining machines following Beijing’s cryptomining ban
Bitmain, China’s largest manufacturer of cryptocurrency mining machines has stated it is discontinuing selling its products in the spot market in order to lessen selling pressure in pursuance of Beijing’s ban on bitcoin mining.
The manufacturer also stated that it is searching overseas for “quality” power supplies along with its clients in different countries including the United States, Canada, Australia, Russia, Kazakhstan, and Indonesia.
Beijing has promised to take stern measures against the trading and mining of bitcoin in late May as it strives to deflect financial risks. Following this, major Chinese cryptocurrency mining hubs, including Inner Mongolia, Xinjiang, Yunnan, and Sichuan have given comprehensive strategies for stamping out the business.
Following Beijing’s directive, many Chinese cryptominers are either having their machines sold and exiting the business or sending their machines abroad.