The company will move production from China to other countries due to the ban on cryptocurrency transactions, which was introduced by the Chinese authorities last week.
One of the largest manufacturers of mining equipment, Bitmain, will stop selling miners in China, Coindesk reports, citing three sources familiar with the situation.
According to them, the company will stop selling miners in mainland China, as well as move production to other countries due to restrictions imposed by the Chinese authorities on cryptocurrencies.
Last week, the People’s Bank of China imposed a complete ban on cryptocurrency transactions. The use of crypto assets in the country is now tantamount to illegal financial activity.
After that, the Chinese giant Alibaba online commerce informed about the termination of sales of equipment for mining cryptocurrency from 8 October.
Earlier this week, authorities in China’s Inner Mongolia Province confiscated more than 10,000 cryptocurrency mining devices. To date, 45 sites for the extraction of digital assets have already been closed in the region.
In June, the Chinese authorities introduced a ban on cryptocurrency mining. After that, Bitmain has already suspended miner sales. Then this was due to the ban on mining in the PRC and the further collapse of the cost of mining equipment by more than 75%.
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