Following China's embargo, the company that made bitcoin and cryptocurrency miners ceases sales

Following China’s embargo, the company that made bitcoin and cryptocurrency miners ceases sales

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The cryptocurrency market is witnessing a downtrend due to the back-to-back actions taken by China regarding cryptocurrencies. First, China banned its financial institutions and payment companies from conducting transactions or any other form of service related to cryptocurrency. Mining was then banned and now, Bitmain, the largest manufacturer of cryptocurrency miners, has banned this mining in the spot market to ease the selling pressure of its products. Cell is closed.

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

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 trade. In late May, China’s State Council banned financial institutions and payment companies from providing or providing any other form of cryptocurrency-related services, citing the financial risks of cracking down on bitcoin trading and mining. did. The move has had a profound effect on the price of bitcoin. Talking about the price, till the time of writing the news, the price of bitcoin in India was around Rs 26 lakh.

The report further said that after this latest step taken by China, major and major mining centers – Inner Mongolia, Yunnan and Sichuan etc. have started to eliminate trade from the root. Following the ban, many Chinese miners are either selling their machines or moving 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.

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