BCGAME - Free 5BTC Daily Bonus!Chinese cryptocurrency equipment manufacturing company Bitmain has confirmed that it will end its business in China from Oct. 11, after the tightening of anti-crypto regulations in the country.
In this article, we will discuss:
Manufacturer Will Explore Greener Options
Bitmain, which is one of the largest makers of Bitcoin mining machines, will stop shipping Antminers to mainland China to comply with the country's zero tolerance policies against cryptocurrencies. of the country and its carbon-neutral policies played a role in the decision to stop selling these highly energy-intensive mining machines. Bitmain is also hosting the upcoming Digital Mining World Summit in November 2021 in Dubai to discuss green power mining opportunities, with context for clean power generation projects in China's Yunnan, Xinjiang and Sichuan provinces.
Bitmain Finishing Only In Mainland China
The news was announced on Bitmain's official WeChat account,
“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in Mainland China who have purchased long-term products, our team will contact them to provide alternative solutions. ”
The 'workarounds' that will be provided to Chinese customers have yet to be revealed by Bitmain. To contain the mining equipment outage, the company has reallocated resources to mobile mining containers called Antbox. However, the company has no plans to stop selling Antminer platforms in other parts of the world, including Taiwan and Hong Kong, where business will continue as usual.
China's Latest Regulations
The crackdown in China posed a real threat to its cryptocurrency industry. Unfortunately, the Chinese government is not taking the matter lightly and is looking to tighten regulations in the industry. The latest proposed regulation is to add cryptocurrency mining to the Market Access Negative List, which will ultimately make all cryptocurrency investments illegal in the country. The proposal came from the China National Development and Reform Commission (NDRC) in collaboration with the Ministry of Commerce. The list includes all economic sectors in which Chinese investors cannot invest.
No Scope for Gaps
The People's Bank of China (PBOC) also recently clarified that all cryptocurrency-related activities would be illegal and banned banks and exchanges from providing cryptocurrency-related services in the country. The announcement crushed the cryptographic dreams of many Chinese investors, who were hoping for a loophole. However, the direct tone of the PBOC statement nullified its dreams and led many investors and miners to seek out cryptocurrency-friendly countries and move bases.
