China's Bitmain stops sales of cryptomining machines after Beijing bans crypto mining | Tech News

China's Bitmain stops sales of cryptomining machines after Beijing bans crypto mining

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.

By:REUTERS
| Updated on: Aug 21 2022, 18:16 IST
Beijing has banned cryptocurrencyncy mining in the country. 
Beijing has banned cryptocurrencyncy mining in the country.  (Pixabay)

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.

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.

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"(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.

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First Published Date: 25 Jun, 07:41 IST
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