Bitcoin
$33,767.74 3.85%
BTC · 4w

China's Bitmain suspends sales of cryptomining machines after Beijing's mining ban

Bitcoin mining computers are pictured in Bitmain's mining farm near Keflavik, Iceland, June 4, 2016. Picture taken June 4, 2016. REUTERS/Jemima Kelly

SHANGHAI, June 25 (Reuters) - Bitmain, China's biggest maker of cryptocurrency mining machines, said it had suspended sales of its products in the spot market to help ease selling pressure following Beijing's ban on bitcoin mining.

Bitmain also said it is looking for "quality" power supplies overseas along with its clients, in places including the United States, Canada, Australia, Russia, Kazakhstan and Indonesia.

China's State Council, or cabinet, vowed to crack down on bitcoin trading and mining in late May, seeking to fend off financial risks.

Answering Beijing's call, China's main cryptocurrency mining hubs, including Inner Mongolia, Xinjiang, Yunnan and Sichuan, have all published detailed measures to root out the business. read more

Following the ban, many Chinese miners are selling machines and exiting the business, or shipping machines overseas.

"(Overseas) mining sites are not built overnight, and selling pressure is huge in the secondary market," Bitmain said in a statement.

"To help smooth transition of the industry," Bitmain has decided to suspend selling its Antminer machines globally.

Bitmain said overseas markets where it and Chinese miners are seeking cheap electricity also include Belarus, Sweden, Norway, Angola and Congo.

Reporting by Samuel Shen and Andrew Galbraith Editing by Shri Navaratnam

Our Standards: The Thomson Reuters Trust Principles.

Go to reuters.com
Recent news
BTC +3.85% · twitter.com · 3h

I am extremely proud and excited to announce that the Lightning Network (❤️⚡️) can actually handle payments of substantial size if the correct paths and amounts are chosen. Received (and send back) 0.3679 BTC yesterday on Mainnet with optimal MPP splits with a total of 345 different paths! ❤️⚡️

Guess who received (& send back) 2 LARGE (!) mainnet #Bitcoin payments from @stefanwouldgo over the #LightningNetwork!1st payment: 0.3679 BTC (345 parts minSplitSize: 10k sats)2nd payment: 0.286...
10
BTC +3.85% · youtu.be · 13h

How Bitcoin's Lightning Network Works

How the lightning 2nd layer enables fast and cheap Bitcoin transactions, including demos, payment channels, multi-hop payments, and challenges.Want to easily...