Bitmain to move operations out of China
Bitmain, the leading cryptocurrency mining machine manufacturer in the world, is reportedly moving most of its production. This is in response to the latest government crackdown. Sources close to the matter disclosed to CoinDesk that the company would soon halt sales of its machines in China.
China has become a tough terrain for cryptocurrency businesses. Over the past few months, the governments in various provinces have banned cryptocurrency mining activities. This was followed by the People’s Bank of China (PBoC) declaring all services that allow fiat currencies to be exchanged with crypto assets or between crypto-assets themselves as illegal.
As a result of the ban, several companies are exiting China and moving to other markets. The anonymous sources revealed that Bitmain is set to move the majority of its production out of Shenzhen in southern China and into other countries as it looks to comply with the latest mandates on crypto.
Bitmain is yet to make an official statement regarding the reports at the moment.
Alibaba to halt the sales of crypto mining machines next month
Leading Chinese e-commerce platform Alibaba announced yesterday that it would block the sales of cryptocurrency mining equipment on its platforms starting next month. The machines will no longer be available to Chinese users and those living outside the country.
Over the past few days, several companies have announced they are closing their operations in China. Huobi, Sparkpool, BitMart, Biki and several others have all revealed they are exiting the Asian country.
The fourth-largest Ethereum mining pool BeePool also announced earlier today that it is shutting down by October 15. More crypto companies could announce their exit from China over the coming days and months.
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