Amid severe crackdown by Chinese authorities, Bitmain has discontinued selling its Antminers in China. However, it assured that there’s no impact on global business. Bitmain will propose green energy mining solutions in China next month.
On Sunday, October 10, one of the world’s largest bitcoin mining machine manufacturers Bitmain announced that it will be halting shipments to mainland China. The recent move comes amid a heavy crypto crackdown by the Asian economic giant.
Bitmain in China
Since May 2021, crypto-miners have been fleeing out of China due to a heavy crackdown. The Chinese authorities have been making every move to annihilate crypto use in the country. Moreover, amid the recent crackdown, several crypto firms have been shutting down their shops.
A statement from Bitmain’s official WeChat account read:
“From October 11, 2021, Antminer will stop shipping to mainland China (excluding Hong Kong and Taiwan). For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
However, this move won’t impact overseas customers said the company. The company said that it will continue to supply the Antminer mining rigs to customers in Taiwan and Hong Kong.
Furthermore, Bitmain also finds a way to cater to the temporary slowdown in the Chinese market. The crypto-miner manufacturer has increased the production capacity for mobile mining containers Antbox.
Despite the China ban, Bitmain’s mining operations are on the road to recovery. This is because Chinese miners have completed their migration process and many are getting online once again. The bitcoin hashrate is also on a steady road to recovery.
In the coming month of November 2021, Bitmain will be hosting the World Digital Mining Summit 2021 in Dubai. Here, it plans to discuss green mining opportunities “mainly derived from clean energy power generation projects in Yunnan, Xinjiang”.
Recovery in Bitcoin Mining
Before the China ban of May 2021, the Asian economic giant dominated over 60% of the world’s crypto mining. However, many businesses had to shut down their operations post that. As a result, several Chinese miners went offline with the BTC hashrate plunging more than 50% in weeks after that.
But with the miners getting online again, the Bitcoin hashrate has also seen a steady recovery. As of press time, the Bitcoin hashrate is currently at 141m TH/s, as per data by Blockchain.com. This is a 70% recovery from the lows of 84m TH/s back in July.
Higher Bitcoin (BTC) hashrate resembles higher network activity and strong BTC demand. As of press time, Bitcoin (BTC) is trading at $56,392 with a market cap of $1062 billion.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.
