Chinese news media 8BTC has tweeted that Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, has announced that it intends to reduce the selling pressure imposed by miners. Because they are selling second-hand mining equipment in the market.
According to Bloomberg, since April, the price of Bitmain miners in China has fallen by about 75%.
Bitmain to suspend sales of mining machines8BTC has tweeted that the miner manufacturer intends to temporarily stop selling spot miners to reduce the selling pressure caused by the large number of second-hand mining machines entering the market.
Bitmain announces a full move from ChinaAccording to the Chinese news media tweet, Bitmain has announced that a complete change will take place outside China. However, this indicates that only some mid-level and senior staff are to be transferred from this country to another location.
Miners are leaving China and settling in Canada and Kazakhstan as Chinese authorities ban cryptocurrency miners and seek to reduce CO2 emissions by Chinese industries.
As CoinDesk reported, ASIC miner producer Canaan has set up an extraction farm in Kazakhstan. A country that offers cheap energy and recently has a friendly atmosphere with cryptocurrency miners.
Fortune magazine has referred to this country as a new cryptocurrency mining hub.
Source:
https://u.today/bitmain-attempts-to-relieve-miners-bitcoin-selling-pressure-heres-how
