One of the largest companies in the world Bitcoin (BTC) mining The hardware maker, Bitmain, will no longer supply miners to Chinese addresses. Which announce company today. “An effective response to local government policies for corporate entities has always been Bitmain’s business strategy,” Bitmain said.
China has increased pressure on the cryptocurrency market this year by banning cryptocurrency mining. This caused a massive exodus of miners from China to other countries, which also caused some panic in the markets. Recently, China took another step forward by announcing its intention to ban all cryptocurrency transactions.
Bitmain is responding to the Chinese government’s strategy, and the announcement reads:
“Strict compliance with the laws and regulations of corporate entity websites is the operating principle Bitmain has always adhered to. Effective October 11, 2021, Antminer will stop shipping to mainland China.”
For Bitmain itself, it doesn’t seem to matter much. The Chinese market is no longer his biggest sales market. In 2017, 50% of the profits came from sales in China, and in 2018 this fell to 40%. This percentage has only decreased in recent years due to the emerging mining industry in other countries such as the United States. The recent Chinese crypto mining ban has already completely closed the door to Bitmain’s Chinese market.
China’s mining industry on the brink
The new direction of the Chinese government ensured that the country was no longer the epicenter of the mining world. For a long time, the country was the largest producer of computing power, often raising concerns about centralization. But those concerns appear to have faded now that the country’s mining industry is on the brink.
Previously read on Crypto Insiders Two major Ethereum (ETH) mining pools are closing due to China’s strategy. They will have to take their entire platform out of the air.
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