Bitmain, a crypto mining tools supplier, to halt services in China

Bitmain is a huge firm that builds infrastructure related to cryptocurrency mining and is one of the biggest manufacturers of mining machines
Bitmain is a huge firm that builds infrastructure related to cryptocurrency mining and is one of the biggest manufacturers of mining machines

China’s recent crypto crackdown got the entire crypto market bothered. There was a lot of commotion, and experts wondered if this was the end for cryptocurrencies. Instead, it seems that companies are China are now moving out. As many as three sources currently claim that Bitmain is seeking to pull out its operations from the nation. 

Bitmain is a huge firm that builds infrastructure related to cryptocurrency mining and is one of the biggest manufacturers of mining machines. The recent ban on any crypto-related activity has put the officials of Bitmain in jeopardy. The three sources who came out with this news remained anonymous because they were not allowed to leak this news to the press. 

Bitmain and other firms seek to migrate to neighboring countries or exit the business

China’s strict policies regarding cryptocurrencies couldn’t be clearer. After the People’s Bank of China collaborated with other agencies and implemented the law, officials from Bitmain made a decision. It was decided that the organization would move out its operations from Southern China’s Shenzhen province. 

The firm will be looking for other countries to start its operations. However, this is not the only organization to do so. Alibaba, one of the biggest marketplaces for the sale of mining equipment, will close all the sales for such equipment on 8th October. 

Another major firm, SparkPool, will also be closing its services in China as well as the entire world. SparkPool is a Chinese Ethereum pool operator that is known for being the second biggest contributor to Ethereum’s pool. What effect this haves on Ethereum is yet to be seen. 

According to a recent report, as many as eighteen firms have announced that they will China or will close their business for good. This also includes Bitmain. Bitmain is one of the first companies to provide highly efficient mining equipment. Operating since 2013, Bitmain has made its mark in crypto equipment sales.