China biggest cryptocurrency mining machines Bitmain suspends sales

In a statement China’s biggest maker of cryptocurrency mining machines Bitmain said, it had suspended sales of its products in the spot market to help ease selling pressure. The development comes after Beijing imposed a ban on mining bitcoins.

Bitmain said, it is looking for “quality” power supplies abroad and is looking for foreign clients as well, in countries includes the United States, Australia, Canada, Indonesia, Russia, and Kazakhstan.

In late May this year, China’s State Council, vowed to crack down on bitcoin trading and mining as a means to fend off financial risks.

In response, China’s main cryptocurrency mining hubs, including Xinjiang, Inner Mongolia, Yunnan and Sichuan, have 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,” said Bitmain in a statement. “To help smooth transition of the industry,” Bitmain has decided to suspend selling its Antminer machines globally.

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