One of the largest producers of cryptocurrency mining equipment Bitmain plans to suspend sales to Chinese miners. This was reported by CoinDesk, citing its own sources.
According to the publication's interlocutors, the company will also move most of its production from the nearby Hong Kong city of Shenzhen to other countries.
According to Kevin Zhang, vice president of the mining pool, Bitmain is considering Malaysia and Indonesia for relocation.
One of the largest producers of cryptocurrency mining equipment Bitmain plans to suspend sales to Chinese miners. This was reported by CoinDesk, citing its own sources.
According to the publication's interlocutors, the company will also move most of its production from the nearby Hong Kong city of Shenzhen to other countries.
According to Kevin Zhang, vice president of the mining pool, Bitmain is considering Malaysia and Indonesia for relocation.
In late September, Chinese authorities tightened their stance on cryptocurrencies. The People's Bank of China called the activities of platforms exchanging digital currencies with each other or for fiat illegal. China's State Committee for Development and Reform imposed a crackdown on mining as an indicator of the effectiveness of regional authorities.
Following the decisions of Chinese government authorities, Ethereum's largest mining pool SparkPool suspended service to users from the country, while BeePool announced it was shutting down due to "regulatory requirements".
Crypto-platforms
Crypto-platforms have begun to impose restrictions on dealing with customers from China, with some announcing closures. Bitcoin exchanges Binance and Huobi have stopped registering new users from the country.
From 8 October, online commerce giant Alibaba will ban the sale of mining equipment on its platform. The company also cited decisions by regulators and supervisory agencies in the PRC.
Recall that BTCC co-founder and former head of exchange Bobby Lee believes that pressure from the authorities will lead to the closure of OTC cryptocurrency platforms operated by major trading platforms.
See our full guide to trading cryptocurrencies with PayPal, or start your research with reviews of these regulated crypto brokers and exchanges available. How to buy cryptocurrencies? Our step guide.
