Crypto Mining

Bitmain Suspends New Cryptocurrency Mining Orders.

Chinese mining giant Bitmain is reportedly scrambling to reply to market conditions amid a major crackdown on cryptocurrency mining activity by native authorities.

In line with an official update on Wednesday report by Chinese news agency Sina Finance, Bitmain has halted global spot sales for its new Bitcoin [BTC] mining devices so as to avoid losses by users amid massive selling on the secondary market.

By postponing the sales, Bitmain intends to assist miners exiting the industry recover prices for mining equipment & ensure the firm from further price declines over the long run, Bloomberg reported. A Bitmain spokesperson revealed that the firm will continue supporting future delivery of devices wont to mine smaller altcoins. The representative didn’t elaborate on when Bitmain expects to resume global spot delivery.

Arthur Li, the founder of Bitmain-backed mining startup Sai Technology, highlighted massive selling pressure for top-tier Bitmain miners within the secondhand market. A number of the flagship miner devices from Bitmain & rival Whatsminer are now sold at around 150 yuan [$23 USD] for every terahash per second, down from 600 yuan [$93 USD] earlier in April, when Bitcoin hit an all-time high above $64k.

A sharp decline in ASIC Bitcoin miner prices comes in line with a serious price drop of Nvidia GPUs that are often employed for cryptocurrency mining. As reported earlier, some graphics card prices in China dropped the maximum amount as two-thirds on domestic e-commerce websites earlier in June.

Bitmain is reportedly considering a move overseas. Consistent with Chinese journalist Colin Wu, the firm revealed a full relocation abroad on Tuesday.

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