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Bitmain Stopped Its Business In China From Oct 11 After The Crypto Ban

Bitmain, a Chinese manufacturer of crypto mining equipment, has been forced to stop its business in China from October 11 after the crypto ban imposed by local authorities.

It has been reported that in addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies.

Bitmain stated:

“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”

However, Bitmain will continue to supply Antminer crypto mining rigs to users across the world including those in Taiwan and Hong Kong while the company has yet to reveal its plan to help existing customers in China.

The report said that to counter the temporary slowdown in the Chinese market, Bitmain has increased its production capacity for mobile mining containers — Antbox.

Likewise, in November, the company will host World Digital Mining Summit 2021 in Dubai, where it will discuss green energy mining opportunities “mainly derived from clean energy power generation projects in Yunnan, Xinjiang” and other Chinese provinces.

Thus, Bitcoin mining operations are on the path to full recovery as Chinese miners and investors move to friendly jurisdictions despite China’s recent ban on crypto activities.

Source: Cointelegraph



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