Cyrptocurrency Mining Ban in China: Bitmain Suspends Sales of Mining Machines

Bitmain also said it is looking for "quality" power supplies overseas along with its clients.

By Reuters | Updated: 25 June 2021 11:28 IST

Cyrptocurrency Mining Ban in China: Bitmain Suspends Sales of Mining Machines

Bitmain said overseas market where it's seeking cheap electricity include Belarus, Sweden, Norway, Angola

Highlights

China's State Council, or cabinet, vowed to crack down on Bitcoin trading
China's cryptocurrency mining hubs include Inner Mongolia, Xinjiang
Many Chinese miners are selling machines and exiting the business

Bitmain, China's biggest maker of cryptocurrency mining machines, said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on Bitcoin mining.

Bitmain also said it is looking for "quality" power supplies overseas along with its clients, in places including the United States, Canada, Australia, Russia, Kazakhstan, and Indonesia.

China's State Council, or cabinet, vowed to crack down on Bitcoin trading and mining in late May, seeking to fend off financial risks. Bitcoin price in India stood at Rs. 25.8 lakhs as of 11am IST on June 25.

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Answering Beijing's call, China's main cryptocurrency mining hubs, including Inner Mongolia, Xinjiang, Yunnan, and Sichuan, have all published detailed measures to root out the business.

Following the ban, many Chinese miners are selling machines and exiting the business, or shipping machines overseas.

"(Overseas) mining sites are not built overnight, and selling pressure is huge in the secondary market," Bitmain said in a statement.

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"To help smooth transition of the industry," Bitmain has decided to suspend selling its Antminer machines globally.

Bitmain said overseas markets where it and Chinese miners are seeking cheap electricity also include Belarus, Sweden, Norway, Angola, and Congo.

© Thomson Reuters 2021

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Further reading: Cryptocurrency, Bitcoin, Bitcoin Price, Bitcoin Price in India, Cryptocurrency mining, Bitmain, Cyrptocurrency Mining Ban in China, Chinese cryptocurrency crackdown