Bitmain Will Not Ship Crypto Mining Equipment to China
Mining hardware manufacturer Bitmain will no longer ship its products to mainland China. The move is in response to local regulations, the company explained. The announcement follows a prolonged crackdown on crypto mining operations in the country and a recently reiterated wide ban on activities related to cryptocurrencies.
Bitmain Stops Mining Rig Deliveries to Mainland China
Referring to its commitment to abide by law and regulations in the jurisdictions where its entities operate, mining equipment producer Bitmain announced it terminates deliveries to the People’s Republic of China. In a statement published on Sunday, Bitmain said:
From October 11, 2021, Antminer will stop shipping to mainland China.
The company noted that “for customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.” It did not share further details about the arrangements. Bitmain emphasized that the decision for the Chinese market does not concern the special administrative region of Hong Kong and neighboring Taiwan.
Beijing-based Bitmain also pointed out that the change in its shipping policy will not affect customers in other overseas markets. The hardware manufacturer stated that in the current situation with the Covid-19 pandemic, its supply chain team is working hard to ensure deliveries to customers around the world.
Bitmain also revealed that it’s taking steps in response to China’s government policy of carbon-neutrality. It stressed that it explores a new technological path for computer energy saving and will continue to work to reduce the energy consumption of its core chips, “guide customers to use clean energy, and contribute our strength to the green and sustainable development of mankind.”
China introduced a ban on crypto trading in 2017 but authorities did not directly interfere with cryptocurrency mining until earlier this year. In May, the State Council, the cabinet of ministers, announced a crackdown on crypto-related activities following President Xi Jinping’s pledge that the country will achieve carbon neutrality in the next four decades.
In September, the People’s Bank of China reiterated its hardline position on cryptocurrencies making it clear that decentralized digital money has no place in the country. This week, China’s National Development and Reform Commission and the Ministry of Commerce proposed to add crypto mining to the country’s latest “Negative List for Market Access,” a move that will make the industry off-limits to investors.
Do you think Chinese policies regarding cryptocurrency mining can change as mining hardware becomes more energy efficient?