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Bitmain Attempts to Relieve Miner Selling Pressure, Here’s How

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Wed, 06/23/2021 - 10:31
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Yuri Molchan
Major mining gear producer intends to relieve customer selling pressure and move abroad
 Bitmain Attempts to Relieve Miner Selling Pressure, Here’s How
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Chinese 8BTC news outlet has tweeted that Bitmain, Chinese producer of crypto mining equipment, has announced that it intends to relieve the selling pressure imposed by miners as they are selling mining equipment on the second-hand market.

Since April, prices for Bitmain miners in China have plunged by around 75 percent, according to Bloomberg.

Bitmain to suspend sales of mining machines

8BTC has tweeted that the miner producer intends to temporarily stop selling spot miner machines to try and reduce selling pressure which has been caused by the inflow of large amount of second-hand mining devices into the market.

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Image via Twitter

Related
Bitcoin (BTC) Miners Might Be Leaving China. Is This Good or Bad?

Bitmain announces a full move from China

According to the tweet of the Chinese news outlet, Bitmain has announced a full shift overseas from China, however, it specifies that only some middle and senior staff are going to move from the country to a different location.

As Chinese authorities are banning cryptocurrency miners, seeking to reduce the overall CO2 emissions made by the country’s industries, miners are leaving China, settling in Canada and Kazakhstan.

As covered by CoinDesk, Canaan ASIC miner producer has set up a mining farm in Kazakhstan, the country that offers cheap power and has recently become friendly to cryptocurrency miners.

Fortune magazine has referred to this country as a new crypto mining hub.

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About the author

Yuri is a crypto journalist interested in technology and technical innovations. He has been in crypto since 2017. Believes that blockchain and cryptocurrencies have a potential to transform the world in the future in many of its aspects. ‘Hodls’ major cryptocurrencies and has written for multiple crypto media outlets. 

His articles have been quoted by such crypto influencers as Tyler Winklevoss, John McAfee, CZ Binance, Max Keiser, etc.

Currently Yuri is a news writer at U.Today and can be contacted at yuri.molchan@u.today.