Beijing-based Bitmain Technologies has suspended the sales of bitcoin mining rigs for spot delivery worldwide with the hopes of boosting prices and offsetting increased market supply from those fleeing from China’s crypto crackdown.
The world’s largest bitcoin mining rig maker announced the halt yesterday, according to reports from the local mining community, with prices for top-tier rigs plunging by about 75 percent since April.
By reducing the market supply of mining rigs, the firm said it aimed to boost prices for exiting miners and the future sales of new machines. It also said it would sell gear in the future to mine smaller, alternatives coins.
A spokesperson for the firm confirmed the decision without detailing when sales will resume.
Mining Exodus
Miners continue to exit China as it ramps up its cryptocurrency crackdown, most notably to friendlier markets like the U.S. based on reports of changed business plans and shipments from logistics firms.
According to Compass Mining chief business officer Thomas Heller in a «CoinDesk» report, there are an estimated 526,000 'S19 machines' – a type of crypto mining device – weighing 80,000 metric tons that have been switched off in China.
