[ad_1]
Bloomberg Creative Photos
- Crypto mining manufacturer Bitmain said it would stop selling its machines in China after the government’s crackdown.
- The company said it will continue to supply other areas with its products, including Taiwan and Hong Kong.
- China issued a ban on all crypto-related activity including mining and trading in late September.
- Sign up here for our daily newsletter, 10 Things Before the Opening Bell.
Bitmain, a Chinese mining manufacturer, will stop selling its equipment to residents in mainland China to adhere to the government’s ban on mining and trading cryptocurrencies, the company said in an announcement Sunday.
The company said it will stop shipping its antminer machines to China, but will continue to sell equipment to users in Hong Kong and Taiwan. Bitmain said it would advise long standing customers in mainland China how they can purchase their mining equipment elsewhere.
The People’s Bank of China banned all crypto transactions and related activities in late September in what was the toughest crackdown to date on the market. China’s decision has left crypto companies no choice but to stop operating on the mainland, but it has not prohibited them from continuing to trade overseas.
“The adjustment of shipping policy does not affect customers in overseas markets. Under the epidemic situation, the Bitmain supply chain team is working hard to ensure the supply of customers around the world,” Bitmain said.
Bitcoin mining is the process where heavy machinery like antminers are used to extract coins from bitcoins network by solving complex mathematical problems. Antminers are considered the most powerful bitcoin mining tools in the world.
Crypto adoption has bloomed in the US and Europe, as well as in large swathes of Africa and Asia. Bitcoin is the most widely owned and traded cryptocurrency, and reached a market capitalization of $1 trillion last week.
[ad_2]
