Bitmain, a Chinese maker of cryptocurrency mining hardware, was forced to abandon operations in China on October 11 due to a cryptocurrency crackdown implemented by domestic bodies.
Aside from China’s nationwide ban on cryptocurrency activities, the firm has linked the decision to cease delivering Bitcoin (BTC) and cryptocurrency mining equipment to China’s carbon-neutral regulations.
As per Bitmain’s statement, “Antminer will cease delivering to mainland China on October 11, 2021. Clients in mainland China who have bought long-term goods will be contacted by our team to offer alternate options.”
While Bitmain is still yet to disclose its strategy for assisting current clients in China, the firm will continue to provide Antminer crypto mining equipment to consumers worldwide, such as those in Taiwan and Hong Kong.
Bitmain has ramped up its manufacturing capacity for mobile mining containers — Antbox — to compensate for a brief downturn in the Chinese market. The firm will hold the World Digital Mining Summit 2021 in Dubai in November, where it will explore green energy mining possibilities drawn “mostly from renewable energy power generating ventures in Yunnan, Xinjiang, and other Chinese regions.” Notwithstanding China’s recent cryptocurrency prohibition, Bitcoin mining businesses are on the mend as Chinese miners and investors relocate to friendlier countries.
Bitcoin mining difficulty increased by 4.71% at block height 703584 at 7:35 this morning, the sixth consecutive increase since July 31, with an adjusted difficulty of 19.89t. pic.twitter.com/1KtNW7RCIG
— Wu Blockchain (@WuBlockchain) October 5, 2021
Interestingly, the hash rate complexity of Bitcoin has risen 39% since the final week of July. Furthermore, Chinese media source Wu Blockchain reported that Bitcoin’s complexity rose by 4.71% on October 5 at block height 703,584, the sixth straight rise since July 31.
