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Bitmain Suspends Bitcoin Mining Machine Sales

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Bitmain Suspends Bitcoin Mining Machine Sales

Bitmain plans to support prices for equipment for mining cryptocurrency, which have collapsed by 75% since April.

The largest Bitcoin miner manufacturer in the world, Bitmain, has temporarily suspended sales. The Chinese company made this decision after prices for cryptocurrency mining equipment plummeted 75% since April. Bitmain claims that in this way they want to increase the prices of devices, according to Bloomberg.

The company noted that the suspension will affect only bitcoin miners. Bitmain will continue to sell altcoin mining equipment. The timing of the resumption of sales of bitcoin miners is not named.

Bitmain says it has suspended sales to help miners who are leaving the market and selling hardware. The company also expects to benefit if the supply decline positively affects the prices of new devices in the long term.

Hashrate volume declines amid China bans

Over the past month, the amount of computing power on the bitcoin network has decreased by 48%. This is happening against the backdrop of bans in China. In June, four provinces of the PRC banned the mining of cryptocurrencies. According to the Cambridge Bitcoin Energy Index, in April, about 65% of the hashrate of the first cryptocurrency came from China.

Kevin Zhang, vice president of business development at mining company Foundry, said today that about 70% of mining companies in China have already turned off their equipment. According to Zhang, this figure will reach 90% by the end of June.

This led to the fact that many companies began to actively sell their equipment, which negatively affected its price. Bloomberg reports that Bitmain held a private event in China last week with hundreds of miners in attendance. The company promised to help its clients with the transportation of equipment to other countries, in particular, to the USA and Kazakhstan.

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Disclaimer: Bitxmi News is a news portal and does not provide any financial advice. Bitxmi's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Bitxmi News won't be responsible for any loss of funds.

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