Bitmain halts the shipment of the antminer mining rigs into China and it has more plans to identify green energy mining opportunities from power generation projects in different provinces in the nation so let’s read more in our latest cryptocurrency news today.
The Chinese manufacturer of crypto mining equipment has been forced to stop the businesses in China after the crypto ban imposed by the local authorities. In addition to China’s ban on crypto, the company attributed the move to stop shipping BTC and crypto mining rigs as the response to China’s carbon-neutral policies:
“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
The company has yet to reveal the plans to help existing customers in China, Bitmain halts the shipment of antminer rigs to the country but it will continue supplying to users acorss the world including Hong Kong and Taiwan. To counter the slowdown on the market, Bitmain increased its production capacity for mobile mining containers Antbox as the company will also host the World Digital Mining Summit in Dubai where it will discuss green energy mining solutions, derived from clean energy power generation projects in various Chinese provinces.
Despite the ban on crypto activities, BTC mining operations are on their way to a full recovery as the miners and investors move to other more friendly crypto jurisdictions. Bitcoin’s hash rate difficulty increased 39% since a year ago. Moreover, the Chinese media outlet Wu blockchain pointed out that the BTC difficulty increased by 4.71% at block height 703,584 which makes it the sixth consecutive rise since July 31.
As previously reported, Ex Bitmain CEO Jihan Wu, thinks that the current wave of regulatory interventions in the crypto space could be a good thing in the long term. Speaking to CNBC during an Asia Tech X Singapore conference, Wu noted that the sector already grew to a trillion-dollar market cap industry with more than 10% of the US citizens having some involvement with the new asset class. In these circumstances, he argued that a stronger regulatory involvement will be a net gain for crypto in the long run.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at [email protected]