There are manycryptocurrencyChina’s miners began to sell their machines overseas, including the United States, Canada and Australia. This is China’s crackdown on cryptocurrency, such asBitcoinOther.
“Many miners have been forced to close their businesses (money crypto) in order to comply with China’s government policy. According to Reuters, Mike Huang, a miner money crypto in Sichuan (China), said that machine mine (money crypto), was sold as scrap metal.
Operator tambang uang lain di Sichuan, Huang Dezhi mengaku juga sudah membeli penjajakan seperti Kazakhstan. Sichuan sendiri merupakan salah satu kawasan yang terkenal, sebagai pusat bitcoin nomor dua China.
“If the government does not reverse the policy, then we have no choice but to continue with it.” Dezhi stated that you cannot oppose the central government’s decision.
Huang and Dezhi were not the only ones who admitted to leaving this business due to China’s ban. Liu Hongfei was also a cryptocurrency mining operator.
“If the government won’t allow it, then I must stop. It’s impossible to be against the Communist Party of China. Hongfei stated.
Bitmain, one of China’s biggest cryptocurrency machine manufacturers, stated that it had stopped selling products to China. They then began to look for new clients and a new “asylum” abroad.
The price of cryptocurrency mining equipment fell dramatically, from around 4,000 to 700 yuan down to 800 yuan. Bitmain was not the only company that reported selling around 320 cryptocurrency mining equipment to Kazakhstan.
It is expected that the company will start selling 2,600 more machines to Central Asia by July 1, 2021. The company also invested in a Texas cryptocurrency mining center.
“We are accelerating overseas development for high quality alternative mining resources,” stated Xianfeng Yan (CEO of BIT Mining).
According to OKEx Insights, this ban has led to around 90% of cryptocurrency mining activity in China. This ban, however, is beneficial to cryptocurrency mining outside China.
BlocksBridge Consulting founder Nishant Sharma said that every mining operation in China immediately reaps the benefits of higher mining rewards.
China’s cryptocurrency miners have been moving in response to the Chinese government’s ban against bitcoin and other cryptocurrencies in their country. This ban previously had an effect on the price of various cryptocurrency, such as bitcoin, which dropped from US$60 000 to US$30 000 per coin.
China adopted this policy in order to minimize speculative risk to its financial markets from cryptocurrencies. China’s central bank is also testing its digital currency.