Bitmain halts shipping of Bitcoin mining rigs into mainland China
Bitcoin hardware manufacturer Bitmain will no longer ship mining equipment to mainland China addresses.
The firm has been forced to stop deliveries as of Monday 11 October, although it confirmed its overseas operations will not be affected.
Bitmain’s ban comes despite being based in Beijing, highlighting the zero-tolerance approach of the CCP towards the crypto industry.
China is maintaining its dismissive stance towards the industry, which has been the subject of a number of bans over the years, most recently in September of this year.
As China introduced yet another crypto ban, one economics professor suggests that it's clearly about promoting the digital Yuan. https://t.co/oUsnBlMF1N— Cointelegraph (@Cointelegraph) October 3, 2021
The Beijing-based company is somewhat prepared for these latest regulations, as its customer base, consisting of mining companies, has been moving away from China to North America and other regions. In 2017 and 2018 it was estimated that Bitmain made 50% and 40% of its revenues respectively from domestic markets.
Bitmain, founded in 2013, is a semiconductor company with IC design capabilities. It offers products, including chips, servers, and cloud solutions, for blockchain and artificial intelligence applications.
So many things can happen in one cycle 😐 Bitmain made $2.2B in hardware sales in 2017 and 50% of those came from home base. Four years later, it's totally a different game. https://t.co/EiO9r0xO9x— Wolfie Zhao (@WolfieZhao) October 10, 2021
Hash rates are up 40% since the end of July, showing resilience in the face of the China ban. Miners are increasingly moving away from the mainland, although some are attempting at-home operations.
China’s Jiangsu provincial government found over 4,502 IP addresses in the province that were suspected of mining activities and consumed 260,000 kilowatt-hours of energy. Notably, over a fifth of the mining IP addresses were located inside government agencies or public schools and enterprises.
Argo Blockchain, a major customer of Bitmain’s, this month confirmed the expansion of its mining capacity that will more than double its current hashrate. The London-based Bitcoin miner will buy 20,000 S19J Pro bitcoin miners from Bitmain, which will be delivered in several installments.
Argo #Blockchain, a London #crypto mining company, has announced the purchase of 20K mining machines to expand its capacity. This is part of the planned company expansion to West Texas. https://t.co/Osz6aVEBH4— Bitcoin News (@BTCTN) October 2, 2021
The mining equipment will be installed in Texas, a key battleground in the global hash war due to its low energy costs and more hospitable political climate.
May the hash war commence!