After the ban of China, the company that made bitcoin and cryptocurrency mining machines closed the sale

0
The cryptocurrency market is seeing a decline due to the actions taken by China one after the other regarding cryptocurrencies. First of all, China banned its financial institutions and payment companies from providing transactions or any other type of service related to cryptocurrency. After this mining was banned and now, Bitman, the largest manufacturer of cryptocurrency mining machines, has banned this mining on the spot market to reduce the selling pressure of its products. The cell is turned off.

Cryptocurrency miner maker Bitman has stopped selling its products on the spot market, reports Reuters news agency. The company says it is exploring “quality” power supplies with its customers in the United States, Canada, Australia, Russia, Kazakhstan and Indonesia, among others.

It is no secret that China has vowed to end bitcoin mining. From 2017 to the present, the country has taken several drastic measures regarding mining and trading. In late May, China’s State Council banned financial institutions and payment companies from transacting or providing any other form of services related to cryptocurrency, citing the financial risks of cracking down on bitcoin trading and mining. Had done it. This move had a profound effect on the price of bitcoin. Talking about the price, at the time of writing the news, the bitcoin price in India was around Rs 26 lakh.

The report further states that after this latest step taken by China, major and major mining centers – Inner Mongolia, Yunnan and Sichuan etc. Following the ban, many Chinese miners are either selling their machines or transferring them overseas. Bitmain says it is not easy to set up mining sites overseas overnight and the pressure to sell them in the secondary market is also high. To reduce this pressure, the company has stopped selling its machines in the global market.

Download the Gadgets 360 Android app and follow us on Google News for the latest tech news, smartphone reviews and exclusive offers on popular mobile phones.

Related news

.

Leave A Reply

Please enter your comment!
Please enter your name here