Crypto Mining Firm Bitmain Stops Shipping to China

by in Cryptocurrency News

Bitmain China

Leading crypto mining manufacturer Bitmain announced it no longer delivers mining equipment to China (except for Hong Kong and Taiwan).

Related: Over 20 Crypto Firms Leave China: China Securities Journal

According to the press release published by the company, it suspends the shipping from October 11. As for overseas business activities, they continue as usual.

The company, founded in 2013 in Beijing, has offices and research centers in various countries including Canada, Russia, the US, Singapore, and others. Earlier, in June the company suspended sales of its products in the spot market to help facilitate selling pressure after China's ban on BTC mining.

Already in May, China started to lose its status as the largest Bitcoin miner. In May, the country reiterated the crypto mining and trading crackdown, after which crypto-companies began to move their operations to other places.

On September 24, the central bank of China announced it was teaming up with other regulators. They cooperate to prevent any crypto operation in the country. It's worth mentioning that Bitcoin mining operations have been recovering as the industry faces challenges. BTC hash rate difficulty has grown by 4.71% at block height 703,584 on Oct. 5, marking the 6th increase since July 31 in a row.