Bitmain will suspend mining equipment sales in China following the central bank’s recent ban

Bitmain, one of the world’s largest manufacturers of Bitcoin mining machines, plans to stop selling machines to miners in China after the central bank’s recent ban on cryptocurrency activities.

Bitmain will also be moving most of its production out of Shenzhen and other countries in order to comply with the country’s latest central bank crypto regulations issued last week, Bitmain sources said.

The People’s Bank of China (PBoC) on Friday “rumored” its stance on cryptocurrency trading and declared all crypto-related transactions illegal, even threatening them with imprisonment. Employees who work for overseas cryptocurrency exchanges that provide services in the country.

Chinese e-commerce giant Alibaba, a popular marketplace for miners’ sales, has also announced that it will stop all such sales from October 8th.

Chinese Ethereum mining pool operator SparkPool, the second largest contributor to the entire Ethereum network, announced on Monday that it will cease all of its domestic and international services on Monday later this month. And at least 18 platforms offering crypto-related services have announced they are leaving the Chinese market.

As Bitcoin Magazine reported yesterday, two crypto data platforms Coingecko and Coinmarketcap were also blocked from access to the country’s “Great Firewall”.

Bitmain was founded in Beijing in 2013 and was one of the first manufacturing companies to develop ASICs, a powerful, specialized machine for Bitcoin mining. ASICs have allowed miners to scale their mining operations, increasing the mining difficulty exponentially. But earlier this year it was weakened when it had to split the company in half as the two founders fought each other.

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Meng Changjun

According to Coindesk

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