In brief
Bitmain halts sales of crypto mining rigs after prices plummet from a flood of used machines hitting the market, the result of China's crackdown https://t.co/p6doVcmzPg via @crypto
— Bloomberg Crypto (@crypto) June 23, 2021
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Bitmain Technologies Ltd., one of the industry’s largest Bitcoin mining machine manufacturers, has suspended sales of Bitcoin mining machinery just days after China’s crackdown on the Bitcoin mining industry, per Bloomberg.
Bitmain said yesterday that it has paused selling new equipment following a 75% price drop on mining machinery. A confluence of different factors has reportedly led to this shift. Colin Wu, a crypto journalist in China, has reported that as miners shut down their machines, they are also selling those used machines second-hand, which is also impacting Bitmain’s sales.
Bitmain halts sales of crypto mining rigs after prices plummet from a flood of used machines hitting the market, the result of China's crackdown https://t.co/p6doVcmzPg via @crypto
— Bloomberg Crypto (@crypto) June 23, 2021
It is believed that postponing sales of mining equipment could help miners generate better sales for their machinery as they try to exit the industry.
This is the latest in a long line of blows to the Bitcoin mining industry—which has recently faced a giant challenge in China.
In the last week, China’s Bitcoin miners have been told to discontinue their operations.
On July 18, Sichuan energy companies were told to stop providing energy to the province’s miners, signaling a blow to the industry similar to what has already been seen in other parts of China, including Inner Mongolia, and Xinjiang.
Bitcoin mining demands an immense amount of energy, and governments and individuals alike are concerned about the industry’s impact on the environment. However, given that China controls approximately two-thirds of the entire world’s mining, the government’s crackdown represents the most immediate threat to Bitcoin’s miners today.
Bitcoin recently broke $60,000 for the first time, cementing its perch as the “big dog” of cryptocurrencies. It has been embraced by groups as disparate as politicians, NFL stars, and Tesla CEO Elon Musk. And the fact that cryptocurrency is entirely digital makes it sound, in theory, as though it would be the greenest currency the world has ever seen. After all, unlike paper money, no trees have to be cut down to create Bitcoin. But people and press have become increasingly concerned about whe...
In any case, the crackdown on mining is perhaps not surprising, given China’s commitment to carbon neutrality. And while China wrestles with the mining industry, there is a belief that other countries might stand to benefit.
Kazakhstan might be one of those countries after Chinese mining firm Bit Mining announced it had delivered its first batch of mining equipment to the country in reaction to China’s ban.
Bitcoin mining has also picked up steam in the United States—although the industry has not managed to escape controversy surrounding the environment. Elsewhere in China, the government has targeted crypto activities more broadly. The People’s Bank of China, the country’s central bank, told financial institutions to cease crypto activity.
MEI Pharma, a publicly traded pharmaceutical company, closed a $100 million private placement on Wednesday to refashion itself into a litecoin treasury firm. MEI sold 29,239,767 shares of its common stock, raising roughly $100 million, Litecoin Foundation founder Charlie Lee told Decrypt. Under the agreement, the company sold its stock at $3.42 per share. Lee led the private placement alongside digital asset market maker GSR and will be joining MEI’s board of directors, according a statement fro...
A century-old Japanese textile company has become the latest financially battered firm to turn to Bitcoin as a treasury asset, announcing plans to purchase up to $5.4 million (800 million yen) in crypto to stabilize its bottom line after years of losses and muted cash flow. Kitabo Co., Ltd., a Tokyo Stock Exchange-listed textile manufacturer that produces synthetic fibers and industrial materials, announced in a statement on Tuesday that it will begin gradually acquiring Bitcoin using dollar-cos...
Tesla’s long-awaited retro-style diner finally opened over the weekend in Los Angeles, and yes, there’s rollerskating waitstaff, rooftop seating, and a humanoid robot handing out popcorn. No, you can’t pay in Dogecoin, yet. Located near the iconic Paramount Studios, the two-story fever dream sits atop a Supercharger hub with 80 EV-only parking spaces. Part midcentury nostalgia trip, part Muskovite experiment, the diner has seating for 250 people and features two, drive-in-movie-sized LED screens...