Bitmain is one of the largest bitcoin mining manufacturing machines. After the predictions, it has confirmed that it will stop shipping its supply to mainland China.
China’s crackdown on crypto has changed a lot of things in the crypto world, and each day we get to hear something new. There was a sweeping ban on crypt-related activity and trading imposed by China’s government at the end of September. After this ban, coindesk cited three sources that reported that Bitmain is planning to halt sales of its machines to miners in mainland China.
Today, Bitmain published a statement from their official WeChat account that says:
“From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan),”
This decision doesn’t affect overseas customers of Bitmain, and they said that it has increased the Antbox supply to speed up the construction of overseas mines.
The crypto ban in China created opportunities for miners outside of the region to participate in the cryptocurrency. As a result, Bitcoin’s network hash rate has recovered, a key gauge of mining activity.
The data compiled by data-analytics firm Glassnode shows that the mean bitcoin hash rate is recovered more than 140% since its July lows. Moreover, the second largest Ethereum mining pool, SparkPool, also halted its services on September 27 due to the crackdown. Another Ethereum mining pool, BeePool, did the same and stopped its services to all its users.
Despite China’s crackdown, the crypto market is unstoppable. The world’s largest crypto Bitcoin hit above the mark of $55K last week. Currently, BTC is trading at $56,027.80 at the time of writing, and it is almost $8000 away from hitting its ATH price.
