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China’s Crypto Meltdown – Bitmain Halts Rig Sales

Cryptopolitan


TL;DR Breakdown

  • Bitmain goes public with the temporary suspension of mining rig sales.
  • The company is also leaving china and looking to explore new markets overseas.

China’s most prominent cryptocurrency rig maker has announced its intentions to temporarily suspend the sales of spot mining equipment globally to relieve widespread panic liquidation of rigs induced by miners.

Bitmain to relieve mining pressure

According to a tweet by 8BTCnews, the world’s largest mine producer has publicized its intentions to momentarily halt the sales of spot rigs in a bid to relieve the massive sell pressure in China’s crypto mining space. Bitmain Technologies further added that the recent influx of pre-owned mining rigs into the market informed its decision.