Chinese Crackdown: Bitmain Stops Rig Sales, Exodus Ensues, Hash Rate Declines
China's bitcoin mining crackdown has led to Bitmain halting mining rig sales, exodus of miners and decline in the hash rate.Bitmain Technologies, the world's largest manufacturer of bitcoin mining rigs, is halting global spot sales of its machines to aid the secondhand market for rigs in China, according to Bloomberg.Today, Bitmain told the local mining community that the company's decision is a product of the recent price plunges of new mining equipment. Since April, top-tier bitcoin mining rigs in China have been priced down by 75%, fueled by Chinese miners going offline after the....
Related News
By postponing the sales, Bitmain aims to help miners exiting the industry get better prices for mining equipment. Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities.According to a Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market.By postponing the sales, Bitmain intends to help miners exiting the industry get better prices....
The Bitcoin mining crackdown in China has significant ramifications for the cryptocurrency industry. Bitmain is stepping up its efforts to ease the burden on Chinese miners looking to offload their equipment in light of the ban. Bitmain, the cryptocurrency infrastructure company behind the Antminer brand, will temporarily halt the sale of mining machines to help secondary sellers offload their supplies following China’s wholesale ban on Bitcoin (BTC) mining. The suspension of new Antminer sales will begin immediately, Bitmain announced Thursday via WeChat. By suspending the sale of new....
Several Chinese crypto mining giants like BIT Mining have already scraped some of their expansion plans in Kazakhstan. Kazakhstan, one of the world’s top Bitcoin (BTC) mining locations, is likely to lose its BTC hash rate share leadership in the next hash rate distribution update, according to industry experts.According to Cambridge Bitcoin Electricity Consumption Index (CBECI), Kazakhstan was housing over 18% of the world’s BTC hash rate as of August 2021, following only the United States.Kazakhstan’s BTC mining power increase was partly driven by the massive Chinese miners’ exodus....
Bitcoin mining company TeraWulf has ordered 30,000 Antminers from Bitmain as it seeks to increase its hash rate to top-ten levels.
Could Bitmain be driving the latest spikes of hashing growth with Antminer S3s? With the imminent release of the much anticipated Antminer S3, Bitmain has pushed out 4.8 ph/s to their private AntPool. Officially they are saying that S2's and some large private customers are driving up the hash rate in the pool there are many who are speculating that it is the initial testing of the S3s as well. All told, with the amount of Antminer S1 and S2 sales Bitmain units sold in the past months, Bitmain is estimated to be powering 20% of the total network. Recently Bitmain announced the upcoming....