Bitmain will no longer ship bitcoin miners in mainland China
Bitmain planned to continue their operations by terminating their services only for the Chinese people in order to follow the guidelines of Chinese authorities.
Because of the China crypto ban law, all the crypto related businesses are getting out of China or closing their services without any further future plan. But here Bitmain became the latest to continue their business with existing operations.
Bitmain is a bitcoin and Ethereum mining equipment maker firm and also it has hands in the crypto mining operations in the few countries because of the opportunity that generated because of the China ban on crypto mining activities in may 2021.
Perhaps, this company already shifted their many parts of the business to other countries to work independently out of China’s crackdown guidelines.
On Sunday, Bitmain announced that they will continuously work for their existing operations to create Bitcoin and other crypto mining operations. But they will not deliver any kind of crypto mining equipment in China.
According to Bitmain, it will not harm or influence their business in any of the ways because Bitmain is already facing lack of mining equipment demand by the China mainland users.
If we look at official records then we will find that Bitmain lost 50% & 40% demand shares from China consecutively in the last two years. So Bitmain has full belief that such decisions to terminate China from their services will not impact their business.
Illegal crypto mining in China
Recently, the Jiangsu provincial government conducted an investigation on local energy consumption and mining pool IP traffic. They found that 45,02 IP addresses were involved in the crypto mining, which is consuming 260,000 kilowatt-hour of energy. And the most interesting thing was that 21% of the IP addresses belong to the public sectors like government schools and agencies.