Bitmain has stopped shipping Antminer mining rigs to Chinese and has further plans to identify opportunities for mining green energy from power generation projects in various provinces across the country. So let’s read more today in our latest crypto news.
The Chinese cryptocurrency mining equipment maker had to cease business in China following a cryptocurrency ban imposed by the local government. In addition to China’s ban on cryptocurrencies, the company suggested that the move to stop shipping BTC and crypto mining rigs is a response to China’s climate-neutral policies:
“As of October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have long purchased products, our staff will contact them to offer alternative solutions. “
The company has not yet announced its plans to support existing customers in China, Bitmain has suspended shipping architectural rigs to the country but will continue to offer them to users around the world including Hong Kong, Kong and Taiwan.
To counter the slowdown in the market, Bitmain has increased the production capacity of Antbox’s mobile mining containers as the company will also host the World Digital Mining Summit in Dubai, which will discuss solutions for harnessing green energy used in generation projects languages are rooted in various Chinese projects of clean energy. Provinces.
Despite the ban on crypto activities, the BTC mining operation is well on its way to recovering fully as miners and investors move to other crypto-friendly jurisdictions. Bitcoin’s hash rate difficulty has increased 39% in a year. Additionally, Chinese media company Wu Blockchain has shown that BTC difficulty has increased 4.71% at block height 703,584, marking the sixth consecutive increase since July 31.
As previously reported, ex-Bitmain CEO Jihan Wu, suggested that the current wave of regulatory interference in the crypto space could be a good thing in the long run. Speaking to CNBC during an Asia Tech X conference in Singapore, Wu noted that the sector has grown into a trillion dollar market cap industry, with more than 10% of US citizens participating in the new asset class. In those cases, he argued that including tighter regulation would be a net gain for the cryptocurrency in the long run.
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