The recent mining clampdown in China has tremendous impact on the cryptocurrency ecosystem. Bitmain in response to the Chinese prohibitory mining law, has come to the aid of the affected miners by helping to unload their facilities. Bitmain; a manufacturer of Bitcoin mining hardware and other related services will for now suspend the selling of mining equipment to enable retailers unload their supplies in line with the Chinese wholesale Proscription.
Bitmain made it officially known that it was suspending sales of mining equipment so that firms can patronize different mining firms to buy off their fairly used equipment. The crypto firm made this announcement today being Thursday. Facilities for mining have not been much even in the market for most of this year even though Bitmain stepped up on their manufacturing process during the bullish market period of the year.
China’s aversion to cryptocurrencies climaxed this month with legislators enlarging the territories in the cryptocurrency proscription list to Sichuan region. Global Times reported that as of June 20, 90% of Bitcoin mining firms have been closed down. China, a major hub for cryptocurrency activities has recently become very averse to the industry. In 2017, the country proscribed cryptocurrency exchanges.
Reports from different sources have it that China’s mining clampdown has made miners move to other places. Nikkei Asia on Thursday stated that BIT intends making $26 million investment in the United States.
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