Bitmain, a Chinese manufacturer and exporter of cryptocurrency mining equipment, was forced to cease operations in China on Oct. 11, following the crypto ban placed by local authorities.
The company stated that the decision to cease shipping Bitcoin (BTC), and other cryptocurrency mining rigs was made in response to China’s carbon-neutral policies. According to Bitmain’s announcement
Antminer will cease shipping to mainland China starting October 11, 2021. Our staff will contact customers who have bought long-term products in mainland China to offer alternative solutions.
Bitmain will continue to supply Antminer cryptocurrency mining rigs worldwide, including to customers in China. However, the company has not yet revealed its plans to help these customers.
Bitmain has increased its production of mobile mining containers, Antbox, to counter the slowdown in China’s market. The company will host the World Digital Mining Summit 2021 in Dubai in November. It will discuss green mining opportunities primarily derived from clean power generation projects in Yunnan and Xinjiang, as well as other Chinese provinces.
Cointelegraph reached Bitmain for comment but Bitmain didn’t immediately respond.
Related: The difficulty rebound and hash rate show that miners have recovered after the China exodus
Despite China’s ban on crypto activities, Bitcoin mining operations have been able to recover as Chinese investors and miners move to friendly countries.
Cointelegraph reported that Bitcoin hash rate difficulty had increased by 39% since July. Wu Blockchain, a Chinese media outlet, reported that Bitcoin’s difficulty rose by 4.71% to block height 703,584 Oct. 5, marking the sixth consecutive rise since July 31.
Eileen Wilson –Technology and Energy
My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.