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Chinese crypto equipment manufacturing company, Bitmain has confirmed that it is stopping its business in China from October 11, following the tightening anti-crypto regulations in the country.
Manufacturer To Explore Greener Options
Bitmain, which is one of the largest manufacturers of Bitcoin mining machines, will stop shipping Antminer to mainland China to comply with the country’s zero-tolerance policies against crypto. However, the company has also acknowledged that the country’s latest sustainability efforts and its carbon-neutral policies had played a role in the decision to stop selling these highly energy-intensive mining machines. Bitmain is also hosting the upcoming World Digital Mining Summit in November 2021 in Dubai to discuss green energy mining opportunities, with context to the clean power generation projects in the Yunnan, Xinjiang, and Sichuan provinces in China.
Bitmain Wrapping Up In Only Mainland China
The news was announced on Bitmain’s official WeChat account,
“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
The ‘alternative solutions’ that are to be provided to the Chinese customers have not been revealed yet by Bitmain. To counter the halt on mining equipment, the company has re-allocated resources towards mobile mining containers called Antbox. However, the company has no plans on stopping Antminer rigs sale in other parts of the world, including Taiwan and Hong Kong, where it will be business as usual.
Latest In China Regulations
The crackdown in China has posed a real threat to its crypto industry. Unfortunately, the Chinese government is not treating the matter lightly and is looking into tightening regulations in the sector. The most recent regulation that has been proposed is adding crypto mining to the Negative List for Market access, which will essentially make all crypto investments illegal in the country. The proposal came from China’s National Development and Reform Commission (NDRC) in collaboration with the Ministry of Commerce. The list comprises all the economic sectors where Chinese investors are not allowed to invest.
No Scope For Loopholes
The People’s Bank of China (PBOC) has also clarified recently that all crypto-related activities would be deemed illegal and forbade banks and exchanges from providing crypto-related services in the country. The announcement crushed the crypto-dreams of many Chinese investors, who were hoping for a loophole. However, the cut-and-dried tone of the PBOC’s statement quashed their dreams and pushed many investors and miners to seek out crypto-friendly countries and move bases.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.