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One of the largest Bitcoin mining equipment manufacturers in the world, Bitmain, is reportedly planning to exit from the Chinese market. The move came after China‘s announcement of a sweeping ban on crypto trading and other related transactions as well as mining, according to sources familiar with the matter.
Three sources said that the Beijing-based Bitcoin (BTC) mining hardware manufacturer plans to move its production from Shenzhen to other countries, according to Coindesk. The sources added that the company’s decision to relocate its production is for compliance with the latest crypto mandates issued by the People’s Bank of China (PBOC) on September 24.
Two of the sources are in charge of the acquisition of crypto mining equipment for major mining pools while the third source has ties with Chinese Bitcoin miners. The sources spoke on condition of anonymity as they were not authorized by Bitmain to talk about the matter publicly. The company also declined to comment on the issue.
After PBOC declared all crypto-related transactions illegal in the country last week, a number of firms have already initiated moves to comply with the new guidelines. For instance, e-commerce giant Alibaba announced that it will prohibit the sale of crypto mining machines and accessories on its platform starting on October 8.
Specifically, Alibaba mentioned that it will ban two categories from its website. These include “hardware and software used to obtain virtual currencies such as Bitcoin miners” and “tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining.”
“For violations such as maliciously evading rules, deliberately confusing product information, intentionally placing products into improper categories, falsely exaggerating products, Alibaba.com will impose penalties according to the severity of the violations, which include but are not limited to removing or deleting products, deducting points, restricting the use of website functions, and closing accounts,” the company said.
SparkPool, a Chinese Ethereum mining pool operator, announced on Monday that it will shut down its services by the end of September. Eighteen platforms providing crypto-related services have either announced their exit from the Chinese market or are already inaccessible.
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