Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, has been forced to stop its business in China from Oct. 11 following the crypto ban imposed by local authorities.
In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement:
“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
While the company has yet to reveal its plan to help existing customers in China, Bitmain will continue to supply Antminer crypto mining rigs to users across the world including those in Taiwan and Hong Kong.
To counter the temporary slowdown in the Chinese market, Bitmain has increased its production capacity for mobile mining containers — Antbox. In November, the company will host World Digital Mining Summit 2021 in Dubai, where it will discuss green energy mining opportunities “mainly derived from clean energy power generation projects in Yunnan, Xinjiang” and other Chinese provinces.
Bitmain did not immediately respond to Cointelegraph’s request for comment.
Related: Hash rate and difficulty rebound shows miners have recovered from China exodus
Despite China’s recent ban on crypto activities, Bitcoin mining operations are on the path to full recovery as Chinese miners and investors move to friendly jurisdictions.
Cointelegraph reported that Bitcoin’s hash rate difficulty has increased 39% since late July. Moreover, Chinese media outlet Wu Blockchain pointed out that Bitcoin’s difficulty increased by 4.71% at block height 703,584 on Oct. 5, marking the sixth consecutive increase since July 31.
Credit Source link