Bitmain to stop selling crypto mining equipment in China
Leading Chinese mining machine maker Bitmain is reportedly suspending sales of its machines in mainland China. The move was in response to China’s stringent ban on cryptocurrencies and their related activities.
Three anonymous sources told news media Coindesk that Bitmain has now been planning to stop selling cryptocurrency mining machines in China and will relocate its manufacturing base from Shenzhen to another country.
Meanwhile, Bitmain is yet to make an official announcement. The company is one of the leading manufacturers in producing high-performance ASIC mining machines. It receives multiple orders from not only Chinese miners but also from overseas vendors such as the United States and Canada.
On the 24th, the People’s Bank of China issued a new policy on cryptocurrency mining and transactions. Along with eight other government authorities, the bank issued a joint statement banning virtually anything related to cryptocurrencies.
Ethereum’s major mining pool Sparkpool has already announced the end of all its operations, and e-commerce giant Alibaba has announced that it will stop selling mining machines on its platform from October 8.
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OhNoCryptocurrency via https://www.ohnocrypto.com/ @Gauri Bhatia, @Khareem Sudlow