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Bitcoin miner maker Bitmain may stop selling its machines in China

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HIGHLIGHTS :

  • Bitmain is reportedly considering closing the sale of the machines in China.
  • Ethereum mining pool Sparkpool also announced to stop operations in China.
  • China is cracking down on cryptocurrencies, citing environmental impact.

Bitmain is reportedly considering closing the sale of the machines in China.

Bitcoin miner maker Bitmain is reportedly considering a decision to stop selling the machines in China. Bitmain manufactures bitcoin miners with its headquarters in China. Bitmain’s move comes after China completely banned crypto activity earlier last week. In China, they are categorized as punishable offenses. Bitmain has not yet made any announcement about this, but three people with knowledge of the matter informed the media on condition of anonymity. Bitmain is reportedly also planning to pull production out of China for the same reasons.

Founded in 2013, Bitmain held 46 percent of the market share in the crypto miners segment as of June 2020, according to a research report by Bitmex. Earlier in various reports, Chinese e-commerce major Alibaba announced that it is ceasing the sale of all crypto-mining machines through its platform in China.

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Ethereum mining pool Sparkpool also announced to stop operations in China.

Furthermore, China-based Ethereum mining pool Sparkpool announced the termination of its China operation following the country’s crackdown on crypto trading. The company supported its decision, saying that this step has been taken to maintain the security of the crypto assets stored on the servers by Chinese users.

China is cracking down on cryptocurrencies, citing environmental impact.

But while China is cracking down on cryptocurrencies citing environmental impact, other countries and cities that support the digital currency are trying to find ways to curb the environmental impact of crypto mining rather than ban it. Huh. For example, Mayor Francis Suarez of the US city of Miami has proposed building a bitcoin mining center near a nuclear plant in the state of Florida to reduce the carbon footprints of miners. The decision of various countries to ban bitcoin mining was also seen as a factor behind the market crash in May.

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