[Blockchain Today Reporter Jeong Seung-won] Chinese mining giant Bitmain is trying to respond to market conditions with a sweeping crackdown on local cryptocurrency mining activities, Cointelegraph reported.
According to a China Sina Finance report by Cointelegraph, Bitmain has halted global sales of its new bitcoin mining equipment to avoid customer losses from mass sales in the secondary market.
By deferring sales, Bitmain is reportedly planning to give miners leaving the industry a higher price for their mining equipment and protect the company from long-term price declines, it has been confirmed.
“The company will support the provision of equipment used to mine altcoins,” a Bitmain spokesperson said. It did not, however, specify when it expects to resume global shipping.
The reason why the price of the ASIC Bitcoin miner has plummeted is that the price of Nvidia GPU, which is widely used for cryptocurrency mining, has fallen significantly. As previously noted, the price of some graphics cards in China fell by two-thirds on e-commerce sites in June.
Bitmain is said to be considering moving overseas. According to Chinese journalist Colin Wu, Bitmain announced its entire overseas relocation on the 22nd.
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