Bitmain Suspends Sales amid China’s Crackdown on Crypto Mining

A company spokesman did not comment if the rig maker will resume the business.

Bitmain, one of the world’s largest Bitcoin mining hardware manufacturers, halted the sales of its machines for delivery globally amid the current Chinese government’s crackdown on crypto mining. The rig maker published the announcement on its blog page, where the firm stated that the coronavirus pandemic and other factors accelerated the decline in the machines’ prices, which fell by 75% since April.

Furthermore, domestic miners had to flee 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. Bloomberg reported that a company spokesman did not comment on whether the business will resume or not.

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“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 Chinese mining hardware manufacturer commented on the announcement. Also, Bitmain’s manoeuvre 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.

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Second-Hand Market Prices

Quoting figures given by Arthur Li, Founder of Bitmain-backed mining startup, Sai Technology, Bloomberg noted that the second-hand market sells top-tier mining rigs developed by Bitmain and Whatsminer at around $23 per THash/second as of press time.

As per ongoing Beijing’s renewed crypto crackdown, Finance Magnates reported that more than 12 popular cryptocurrency accounts were purged from the platform. The account bans are seen as part of Beijing’s larger ‘crackdown’ on cryptocurrencies that developed in May of 2021. However, the practice of banning crypto-related accounts on Weibo is not a new phenomenon in China.

In 2019, Weibo banned the accounts of Binance Co-Founder, Yi He and TRON Founder, Justin Sun. More recently, in March of 2021, Weibo suspended the accounts associated with Binance, Huobi and OKEX, three of the largest cryptocurrency exchanges operating in Asia.

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