Mining News

Bitcoin stops selling its bitcoin mining machines in China


Bitmain, the largest producer of bitcoin miners, apparently intends to move its operations from southern China to other countries.

to the Report CoinDesk, three unnamed sources, has announced that Bit Mine, one of the largest manufacturers of bitcoin mining machines in the world, wants to stop selling its machines in China. According to these sources, the reason for bitcoin to do so is the restrictions that Chinese authorities have recently imposed on activities related to digital currencies.

Two of the three sources are responsible for purchasing large pool machines. The third source is also widely associated with and cooperates with Chinese miners. They all want to remain anonymous because they are not legally allowed to talk about it.

According to these sources, Beitmine wants to transfer most of its products from Shenzhen in southern China to other countries. Last week, China’s central bank issued new guidelines for extracting digital currencies. BitMin also has to leave China to comply with these guidelines.

It should be noted that Bitcoin has not yet reacted to the news.

China’s central bank last week tightened its stance on digital currency trading, outlawing all related transactions. Alibaba, China’s e-commerce giant and one of the most popular markets for selling digital currency mining machines, has announced that it will stop selling these machines from October 8 (October 16).

SparkPool, Ethereum’s second-largest mining pool, announced on Monday that it would shut down its services inside and outside China by the end of this month. As of Tuesday, at least 18 trading platforms had either left the Chinese market or were no longer available, Chinese media reported.

Bitcoin was founded in 2013 and is one of the first companies to produce high-performance integrated circuits (ASICs) that have high processing power and are designed for bitcoin mining. These devices allowed miners to expand their operations and, of course, increased the difficulty of extracting digital currencies exponentially.

Taiwanese company TSMC (TSMC), a supplier of advanced bitcoin mining computer chips, has become a major hurdle for manufacturers looking to build digital currency extractors.

Bitcoin ended its one-year operation in July to prepare for a public divestment of Antpool. Canaan, another leading manufacturer of digital currency mining machines in China, also publicly traded its shares on the Nasdaq in November 2019.

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