Bitmain says it will no longer ship bitcoin miners in mainland China

advertisement

Bitcoin mining hardware manufacturer Bitmain will no longer deliver its machines to mainland China addresses.

The Beijing-based firm announced the news on Sunday, saying that it will follow local regulations and suspend domestic delivery starting from Monday, but overseas business remains as usual. 

Bitmain's move may not impact the company much as its domestic sales had been declining since late last year amid the rise of North American mining operations. The company's move perhaps formally marks the end of its domestic market share, which accounted for nearly 50% of its revenues in 2017 and about 40% in the first half of 2018.

At-home mining

There has been a growing number of at-home mining operations in China with graphics processing units (GPUs), but Chinese authorities have been reinforcing their measures in sniffing out secret mining activities.

For instance, China's Jiangsu provincial government recently conducted a probe into local energy consumption and mining pool IP traffic. It detected over 4,502 IP addresses in the province that were suspected of mining activities and consumed 260,000 kilowatt-hour of energy. Interestingly, 21% of those mining IP addresses were found to be inside government agencies, public schools, and enterprises.

Some Chinese miners have also been recently sharing anecdotes of them receiving calls from local energy and telecommunication bureaus, who questioned them over mining suspicion and sent staff for on-site inspection because of their abnormal energy consumption, based on group chat messages seen by The Block.

Trending Stories

Get Your Crypto
Daily Brief

Delivered daily, straight to your inbox.

Will Sanctions Drive Russia into the Arms of Cryptocurrencies?

From the removal of many Russian banks from SWIFT to a seemingly constant flow of new sanctions, Russia’s invasion of Ukraine has left many to wonder: Is the country likely to lurch towards cryptocurrencies? And if so, what does this mean for businesses that are holding and/or using crypto? Crypto and sanctions evasion Although crypto […]
Read Full Story
Sponsored Post

Layer-2 Scaling Solutions: A Framework for Comparison - Commissioned by Polygon

Ethereum had a breakout year in 2021. It’s native asset, ETH’s, market capitalization surpassed $500 billion for the first time. Its network facilitated upwards of $7 trillion value transfer. Non-fungible tokens (NFTs) emerged as another “killer application” that have put its technology on the global stage and caught the attention of the masses.
Read Full Story
May 5, 2022, 3:17PM UTC
More