Bitmain is suspended from sales of BTC mining machines due to the China crash

Bitmain has suspended sales of BTC miners amid China’s crackdown on the mining industry, as we reported earlier on our Bitcoin news today.

Bitmain Technologies has suspended sales of its mining equipment and the suspension of sales comes amid a crackdown on mining in China. Bitmain Technologies, as one of the largest BTC mining equipment manufacturers in the industry, decided to suspend BTC miners’ sales a few days after China’s crackdown on the entire industry. Bitmain said a day ago that Bitmain stopped selling machines after the price of mining machines fell 75%. It is believed that a combination of factors led to this change, such as: Colin Wu is a cryptocurrency journalist based in China who reported that miners who shut down old machines on the machines they sell are affecting Bitmain’s sales.

It is also believed that postponing mining equipment sales may help miners generate more revenue for their machines as they try to exit the industry, but this comes with a long list of barriers to entry. Last week, Chinese BTC miners were informed of the shutdown when Sichuan energy companies were told to stop powering the province’s miners, signaling a blow to the industry is a blow to what has been seen in other parts of China, including Xinjiang and Inner Mongolia.

Mining BTC requires a large amount of energy, and both individuals and governments are concerned about the industry’s impact on the environment. Given that China controls two-thirds of the world’s mining industry due to government raids, it is the most immediate threat facing miners today. In any case, the mining raid is no surprise given the country’s commitment to carbon neutrality. As China grapples with the mining industry, there is a firm belief that other countries could benefit from it. Kazakhstan could be one of the countries after Bit Mining announced it had supplied the first batch of mining equipment in response to the Chinese ban.

Bitmain stops selling crypto mining equipment after a sharp drop in prices due to a deluge of used machines coming onto the market as a result of China’s action https://t.co/p6doVcmzPg by @crypto

– Bloomberg crypto (@crypto) June 23, 2021

Bitcoin mining has attracted attention in the United States, but the industry has not escaped the controversy surrounding the environment. Elsewhere in China, the government has been targeting crypto activity on a massive scale, with the Bank of China PEople ordering financial institutions to shut down crypto operations.

.