Bitmain, a Chinese cryptocurrency mining equipment manufacturer, is forced to cease its activities in China after the cryptocurrency ban imposed by local authorities on October 11th.
In addition to China’s blanket ban on trading cryptocurrencies The company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining devices in response to China’s carbon neutrality policy. According to Bitmain’s announcement:
“As of October 11, 2021, Antminer will no longer be shipped to mainland China. For customers in mainland China who have purchased durable products, our staff will contact them to provide alternative solutions.”
The company has not yet announced its plan to help existing customers in China. Bitmain will continue to supply Antminer cryptocurrency mining equipment to users around the world, including Taiwan and Hong Kong..
To counter the temporary slowdown in the Chinese market, Bitmain has increased its production capacity of portable mining containers or Antbox. In November, the company will host the 2021 World Digital Mining Summit in Dubai, where it will discuss green energy mining opportunities “derived primarily from clean energy projects in Yunnan, Xinjiang” and other Chinese provinces.
Bitmain did not immediately respond to Cointelegraph’s request for comment.
Despite China’s recent ban on cryptocurrency-related activities Bitcoin mining operations are well on their way to fully recovering as Chinese miners and investors move to compliant or “friendly” jurisdictions.
Cointelegraph reported that the difficulty of the bitcoin hash rate has increased 39% since the end of July. In addition, the Chinese media company Wu has blockchain pointed outBitcoin’s difficulty rose 4.71% on October 5th to the level of block 703,584, marking the sixth consecutive increase since July 31st.