Bitmain Attempts to Relieve Miners’ Bitcoin Selling Pressure, Here’s How

Major mining gear producer intends to relieve customer sell pressure and move abroad

Chinese 8BTC news outlet has tweeted that Bitmain, Chinese producer of crypto mining equipment, has announced that it intends to relieve the crypto selling pressure imposed by miners.

Bitmain to suspend sales of mining machines

8BTC has tweeted that the miner producer intends to temporarily stop selling spot miner machines to try and reduce mining pressure which has been caused by the inflow of large amounts of second-hand mining devices into the market.

Earlier, U.Today reported that massive BTC sell-offs in China have pushed Bitcoin below the $30,000 level on Tuesday.

8249_0
Image via Twitter
Bitmain announces a full move from China

According to the tweet of the Chinese news outlet, Bitmain has announced a full shift overseas from China, however, it specifies that only some middle and senior staff are going to move from the country to a different location.

As Chinese authorities are banning cryptocurrency miners, seeking to reduce the overall CO2 emissions made by the country’s industries, miners are leaving China, settling in Canada and Kazakhstan.

As covered by CoinDesk, Canaan ASIC miner producer has set up a mining farm in Kazakhstan, the country that offers cheap power and has recently become friendly to cryptocurrency miners.

Fortune magazine has referred to this country as a new crypto mining hub.

 

News Source