Bitmain Suspends Sales Amid China’s Mining Ban
Chinese cryptocurrency mining devices maker Bitmain has announced it is temporarily suspending sales as a result of the uncertainty surrounding mining after China’s authorities banned the activity.
As reported by Bloomberg yesterday, the company’s decision is aimed at increasing the prices of its devices, which have fallen by about 75% since April.
The second-hand market of ASIC miners seems to be overloaded now that a lot of miners have decided to sell their devices due to the inability to continue their activity in the country. While some big companies like BTC.com are relocating to other territories, retail miners do not have this chance, so they are simply selling their devices. As a result, new miners are not buying new equipment, which is causing the price of ASIC miners fall significantly.
Bitmain has not said when it plans to resume sales, however, this will presumably happen when all the uncertainty around crypto mining is gone.