Globally-renowned crypto miner manufacturer, Bitmain Technologies, suspends sales for its Bitcoin (BTC) mining equipment amidst China’s intensifying efforts to suppress the industry due to its supposed outrageous toll on the environment. Notably, Bitmain’s announcement came following the massive 75% price drop of new mining equipment yesterday.
As per the report of Sina Finance, a Chinese news outlet, Bitmain suspended global spot sales for its latest BTC mining machines to strategically evade significant losses led by the influx of customers selling on supplementary markets.
While some would indeed find this move by the prominent Chinese mining manufacturer disappointing, many believe that the suspension of sales could aid miners to recover as it would generate better sales for them as they step away from the industry.
A representative of Bitmain states that the firm still aims to continue supporting future device deliveries utilized for mining lesser-known altcoins. That may be, the spokesperson did not give a conclusive time frame for when Bitmain would be resuming its global spot deliveries.
Colin Wu, a well-known journalist in China, firmly believes that Bitmain is already well on its way out of China. Wu notes that the Chinese mining equipment supplier’s move overseas is but a matter of time now.