According to its own information, Bitmain wants to withdraw from the Chinese crypto market

The cryptocurrency hardware company is reportedly trying to withdraw from the Chinese market

Crypto equipment maker Bitmain is reportedly planning to stop selling in China as the company adapts to the changing crypto landscape in the Asian country. Citing three initiated sources – two clients of the company and one who works for the company – reported CoinDesk on Tuesday about this news. The report stated that the manufacturer plans to move a significant part of the operations from the Shenzhen region, although the next planned place of operation remained unconfirmed.

Bitmain’s decision to cease operations is in response to last week’s announcement by China’s central bank, the People’s Bank of China (PBOC), which bans trading in all cryptocurrencies and related activities in the country. The state said the decision was made to eliminate the threat of illegal activities related to cryptocurrencies.

So far, at least 18 crypto service providers have announced they are leaving China, with some already no longer available in the region, according to Chinese media reports. SparkPool, the second largest ether mining pool, has ceased operations in China, and this trend is expected to continue as the crypto world adapts to the new conditions.

The companies migrating out of China will now look for much more stable operating environments, and Bitmain could raise previously established in-routes to crypto-friendly countries. The company has already opened a store in Istanbul, Turkey in July in cooperation with Phoenix Store.

In addition, on September 7, a press release confirmed Bitmain’s cooperation with ISW Holdings to bring 56,000 Bitcoin miners to Georgia. According to ISW Holdings (which has renamed itself BlockQuarry), the business would cost a total of $62 million, with it expected to generate more than $10 million in monthly revenue at full capacity by October 2022.

The Chinese crypto scene has been quite a whirlwind, even as the government tried to regulate the crypto market, and it’s not the first time China has taken action against crypto. Earlier this year, the government pursued miners in the country with similar measures, limiting key players in the industry, such as banks that broker cryptocurrencies. However, this is the first time that the Asian country has banned all transactions related to cryptocurrencies.

The waves of this Chinese crypto ban were carried further this week when e-commerce giant Alibaba announced on Monday that it would ban the sale of crypto mining equipment from October 8.

Alibaba.com will the sale of miners for virtual currencies in addition to the ban on the sale of virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin and Ethereum prohibit”said the announcement.

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