News World's Largest Maker of Cryptomining Gear Halts Sales Amid China Crackdown

[Admin]

Bitmain will reportedly halt sales of its mining rigs to give Chinese operations a chance to sell their used equipment.

World's Largest Maker of Cryptomining Gear Halts Sales Amid China Crackdown : Read more

 

[InvalidError]

With Bitmain not shipping product until several months after they should be ready presumably due to extensive "in-house testing" (aka: mining for themselves), I wouldn't be surprised if the sales pause was to cash in on the network hash rate dip at a time of depressed market demand and prices.

 

[daworstplaya]

More good news. Hopefully this frees up chip resources for companies that can put it to more practical use, like GPUs and ECUs for car manufacturers, instead of creating fake money.

 

[mrv_co]

Is there a quantification of 'most' with regards to China's % of worldwide crypto mining?

 

[InvalidError]

Is there a quantification of 'most' with regards to China's % of worldwide crypto mining?

At its peak, it was estimated that 75% of all crypto was being mined in China.

Since the CCP makes it nearly impossible to take money out of China, I can see why wealthy Chinese people would be interested in converting their wealth to crypto so they can cash it out elsewhere, same for people who just want to GTFO from China and bring what wealth they could manage to convert into crypto along.

 

[Math Geek]

i have 100% confidence the chinese gov will still mine at will, they just want the regular people to stop so they can keep their stranglehold on the money supply there.

i don't expect the overall hash rate to dip that much really for very long.

 

[Co BIY]

If the prices for their ASCICS drop very much then it may be better to sell their 5nm wafer-starts back to TSMC than to produce the new chips.