Bitmain suspended BTC mining machines sales amidst the China crackdown on the mining industry as we reported previously in our Bitcoin news today.
Bitmain technologies suspended the sales of its mining machinery and the suspension of sales came amidst the crackdown on mining in china. Bitmain Technologies as one of the industry’s biggest BTC mining machine manufacturers decided to suspend the sales of BTC mining machines a few days after China’s crackdown on the entire industry. Bitmain said a day ago that Bitmain suspended the sales of machines following a 75% price drop on mining machinery. The confluence of various factors reportedly led to this shift as Colin Wu who is a crypto-journalist in China, reported that the miners shut down their machines they are selling those used machines second-hand which is impacting Bitmain’s sales.
It is also believed that postponing the sales of the mining equipment could help miners generate more sales for their machinery as they tried to exit the industry but this was also along with the long list of lines of blows for the industry which faced a huge challenge in China. In the past week, China’s BTC miners were told to discontinue their operations as Sichuan energy companies were told to stop providing more energy to the province’s miners and signaled a huge blow to the industry to what already was seen in other parts of China including Xinjiang and Inner Mongolia.
BTC mining demands an immense amount of energy and individuals and governments alike are concerned about the industry’s impact on the environment. Given that China controls two-thirds of the entire world’s mining as the governments’ crackdown represented the most immediate threat to the miners today. In any case, the crackdown on mining is not surprising given the commitment to the carbon neutrality of the country. While China wrestles with the mining industry there is a strong belief that other countries could stand to benefit. Kazakhstan could be one of the countries after Bit Mining company announced it had delivered the first batch of mining equipment to the reaction of the China ban.
— Bloomberg Crypto (@crypto) June 23, 2021
Bitcoin mining picked up steam in the United States but the industry has not managed to escape the controversy around the environment. Somewhere else in China, the government targeted crypto activities broadly with the PEople’s Bank of China told financial institutions to stop the crypto activity.
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]