The Bitcoin mining machine manufacturing company Bitmain has recently announced that it is suspending the sales of machines amidst the crypto clampdown of China on the mining industry. As per the recent report by leading news provider, Bitmain Technologies Ltd. has taken this decision just days after the crypto crackdown of China. Bitmain Dangles Bitcoin Mining Machinery Sales In accordance with a recently released report, Bitmain said that they have stopped selling new machinery following a 75% plunge in the price of the mining machinery. Various factors have led to this shift. A crypto journalist in China, Colin Wu has revealed that the miners are selling their mining equipment at the rates of second-hand and used machines. Ultimately, this is affecting the sales of Bitmain. In addition to this, if experts are to be believed then this move of suspending sales of mining machinery will be assisting in the generation of sales for the miners as they try to take an exit from the industry. However, there is no doubt in saying that this move is the latest in the list of actions affecting the Bitcoin mining industry for the worse. China Crypto Crackdown and Mining Industry Last week, the officials in China ordered the miners to halt their operations along with the energy companies to stop supplying electricity to the miners blowing the industry. As it can not be denied that Bitcoin mining requires a whole lot of energy and both the government as well as environment-caring individuals are concerned about the heavy energy consumption of energy. China had control over 60% of the entire world’s mining and this is the major reason why the market is facing a hard time as this has come as an immediate threat to the miners all over the world. Provided that China is devoted to Carbon Neutrality, the crackdown is not really surprising.
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