Log in
E-mail
Password
Remember
Forgot password ?
Become a member for free
Sign up
Sign up
New member
Sign up for FREE
New customer
Discover our services
Settings
Settings
Dynamic quotes 
OFFON
News: Latest News
Latest NewsCompaniesMarketsEconomy & ForexCommoditiesInterest RatesBusiness LeadersFinance Pro.CalendarSectors 
All NewsEconomyCurrencies & ForexEconomic EventsCryptocurrenciesCybersecurityPress Releases

China's Bitmain suspends sales of cryptomining machines after Beijing's mining ban

06/24/2021 | 10:35pm EDT
Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik

SHANGHAI (Reuters) - Bitmain, China's biggest maker of cryptocurrency mining machines, said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on bitcoin mining.

Bitmain also said it is looking for "quality" power supplies overseas along with its clients, in places including the United States, Canada, Australia, Russia, Kazakhstan and Indonesia.

China's State Council, or cabinet, vowed to crack down on bitcoin trading and mining in late May, seeking to fend off financial risks.

Answering Beijing's call, China's main cryptocurrency mining hubs, including Inner Mongolia, Xinjiang, Yunnan and Sichuan, have all published detailed measures to root out the business.

Following the ban, many Chinese miners are selling machines and exiting the business, or shipping machines overseas.

"(Overseas) mining sites are not built overnight, and selling pressure is huge in the secondary market," Bitmain said in a statement.

"To help smooth transition of the industry," Bitmain has decided to suspend selling its Antminer machines globally.

Bitmain said overseas markets where it and Chinese miners are seeking cheap electricity also include Belarus, Sweden, Norway, Angola and Congo.

(Reporting by Samuel Shen and Andrew Galbraith; Editing by Shri Navaratnam and Christopher Cushing)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
GOLD 0.01% 1811.3 Delayed Quote.-4.50%
S&P GSCI GOLD INDEX -0.19% 1056.416 Delayed Quote.-4.27%
SILVER -0.70% 25.36 Delayed Quote.-3.60%
Latest news "Economy & Forex"
05:57pFed's Clarida supports interest rates liftoff in 2023
RE
05:38pRobinhood shares surge 50%, as investors scoop up 'the meme of memes'
RE
05:35pUtilities Flat As Treasury Yields Remain Depressed -- Utilities Roundup
DJ
05:32pCommunications Services Up On Rotation To Growth Sectors -- Communications Services Roundup
DJ
05:27pREADOUT : Deputy Secretary of the Treasury Wally Adeyemo's Meeting with the Board of Directors of the National Bankers Association
PU
05:26pFinancials Down With Treasury Yields -- Financials Roundup
DJ
05:23pConsumer Cos Down After Weak ADP Jobs Report -- Consumer Roundup
DJ
05:20pUber losses widen as driver incentives rise along with trips
RE
05:16pUkraine court returns to state ownership tycoon's stake in titanium plant
RE
05:14pWilliams Companies to provide services for Whale deepwater project
RE
Latest news "Economy & Forex"