On Sunday, Beijing based bitcoin mining machine manufacturers Bitmain announced that they will stop shipments to mainland China. The recent move comes amid a heavy crypto crackdown by China.
A statement from Bitmain’s official WeChat account read:
“From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
Since May 2021, crypto-miners have been going out of China due to a heavy crackdown. The Chinese authorities have been making every move to annihilate crypto use in the country. Moreover, amid the recent crackdown, more than 90% crypto firms have been shutting down their shops.
China doesn’t want their people to deal with cryptocurrencies, other than it’s the digital yuan — a stance that it reiterated last month when ten government departments, including the central bank, issued a joint statement frowning upon all crypto related services
However, this move won’t impact overseas customers said the company. The company also said that it will continue to supply the Antminer mining rigs to customers in Taiwan and Hong Kong.
Furthermore, Bitmain also finds a way to cater to the temporary slowdown in the Chinese market. The crypto-miner manufacturer has increased the production capacity for mobile mining containers Antbox.
Bitmain’s move may not impact the company much as its domestic sales had been declining since late last year amid the rise of North American mining operations. The company’s move perhaps formally marks the end of its domestic market share,
Despite the Crackdown by Chinese authorities, Bitmain’s mining operations are on the road to recovery. This is because many Chinese miners shifted their mining firms out of china and many are getting online once again. The bitcoin hashrate is also on a steady road to recovery.Higher Bitcoin (BTC) hashrate resembles higher network activity and strong Bitcoin (BTC) demand.
In the upcoming month of November 2021, Bitmain will be hosting the World Digital Mining Summit (WDMS) 2021 in Dubai. It will be the third WDMS event, this year hosted by Bitmain and Antminer. Here, it plans to discuss green mining opportunities “mainly derived from renewable energy power generation projects in Yunnan, Xinjiang”.
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