Bitmain Suspends the Sale of Bitcoin Mining Machines

Today, World's top mining equipment maker, Bitmain Technologies Ltd. has suspended the sale of Bitcoin miners today. The move came amid the crackdown on mining activities by Chinese authorities.

According to Bitmian, the price of mining equipment plummeted by 75% since April this year, with many factor contributing to it. One of the major factor, of course is the increased supply of used mining equipment coming from miners exiting the business as the Chinese crypto mining crackdown intensifies.

Bitmian believes halting the sale would help the sellers get better price of their hardware and will also help increase the demand of new mining equipment in the long run. Bitmain haven't said anything about when they will be resuming their global spot sales.

With China's crypto mining crack down showing no signs of slowing down, country's Bitcoin mining firms are looking to shift their operations overseas to territories with lenient crypto regulations and cheaper power cost. And the small miners, who cant afford relocating their mining business oversees, have been forced to sell their mining hardware.