China’s Crackdown on Crypto Mining Leads to Sales Suspension of Bitmain
Bitmain has suspended the sales of machines for global delivery as the Chinese government carries out a series of actions against crypto mining. The company stated that the machine's price is seeing a decline curve, which fell by 75% since April, due to various factors including the pandemic. Bitmain is a China-based, and one of the world's largest mining hardware manufacturers.
Miners located in China had to leave the country to seek other territories to keep running their operations, such as United States, Canada, Australia, Russia, Belarus, Sweden, Norway, Kazakhstan, Angola, Congo, and Indonesia, Bitmain said.
"The development of Bitmain is inseparable from the support of our customers. We adhere to the values of 'long-term, loyal, and win-win,' and strive to cope with every change and fluctuation in the industry together with our partners," the manufacturer commented on the announcement. Also, Bitmain's maneuver comes in the midst of the Bitcoin network's power computer declining across the board in recent weeks due to the shutdowns in mining activities across China.
in March of 2021, Weibo suspended the accounts associated with Binance, Huobi, and OKEX, three of the largest cryptocurrency exchanges operating in Asia. The Bitcoin price had plunged since the crackdown in China on digital assets, and a number of renewed actions have been carried out in the country, which were covered by Fazzaco earlier:
A Crypto-Related Money Laundering Network Busted in China
China's Banks Ordered to Stop Dealing with Cryptocurrency Transaction
The spokesperson of Bitmain hasn't commented on whether the company is going to resume the business as of press time.
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