Topnotch Bitcoin Mining Machine Manufacturer Bitmain Suspends Sales due to Chinese Crackdown
The world’s top bitcoin mining machine manufacturer Bitmain Technology Co., Ltd. announced that it would suspend the sale of mining machines worldwide in response to the Chinese government’s recent crackdown on domestic mining targetting domestic miners.
The company stated that it aims to help miners who have exited the mining industry sell at a better price to stabilise local prices.
According to a Bloomberg report on Wednesday, the world’s largest Bitcoin machine manufacturer’s top rig prices have depreciated by nearly 75% since April.
To alleviate the decline in the price of mining machines, Bitmain has decided to stop the sales of its encrypted mining equipment under careful consideration and reduce the supply of mining machines on the market.
The company did not disclose when the business will resume.
The decline in the price of mining machines is closely related to the corresponding measures China has taken against cryptocurrencies. Earlier, China intensified law enforcement against domestic Bitcoin mining activities. Bitcoin mining sites in Sichuan Province were reportedly massively disconnected and lost their abilities for further mining operations,
On June 21, the People’s Bank of China ordered the country’s major financial institutions, including the Agricultural Bank of China, to stop conducting crypto transactions, causing the oscillation to the cryptocurrency market, which subjects to a massive sell-off of Bitcoin.
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