Crypto Miners In China Selling Their Bitcoin & Mining Machines After Government’s Action Sparks Fear

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Miners In China Selling Their Bitcoin & Mining Machines After Government’s Action Sparks Fear
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Chinese Bitcoin miners don’t appear keen on waiting around to find out what their fates will be in the wake of the government’s announcement over an inbound crackdown. In a joint statement published last week, the Chinese Premier and State Council voiced an intent to clamp down on Bitcoin mining in the country, causing the asset’s price to drop even further.

While things aren’t looking as bright for miners in China at the moment, a number of reputable names in the crypto community have indicated that they are actually looking forward to mining being banned completely in the Asian nation.

Bitcoin Mining Machines Available On The Cheap

According to Mustafa Yilham, who runs the overseas business for Chinese Bitcoin mining firm Bixin, Chinese miners have already started to shift operations to other countries. Yilham also claimed a large number of mining machines will be made available for sale in the coming days.

“Under this current crisis, there will be a massive opportunity – redistribution of entire Bitcoin mining network around the globe,” he wrote as part of a thread on Twitter. “We need to make sure: majority of the mining machines are not going to single country. This is best time to work on further decentralization.”

“We also need to work together and ensure this new wave of mining operators outside of China are using renewable energy as much as possible.”

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Yilham added that miners have been panic selling their Bitcoin, while others have been doing so as they have no access to western hosting sites and are left with no choice but to sell.

Primitive Ventures co-founder and Coindesk advisor Dovey Yan also tweeted that she can put persons interested in purchasing mining machines in contact with Chinese sellers who are being forced to offload on the cheap.

Businesses Are Pulling Out

Meanwhile, BTC.top, a mining pool in China responsible for around 1.5% of Bitcoin’s total hash rate, has revealed that subsidiary mining equipment brokerage business B.Top will withdraw services from customers on the Chinese mainland. Huobi, a crypto exchange also owning a mining pool, is set to stop offering miner brokerage services for new customers on the mainland, though its mining pool business will still be up and running.

BTCUSD Chart By TradingView

The general Bitcoin sentiment remains bearish although the digital asset climbed to a 24-hour high of over $38,000 on Monday. A number of altcoins are also in the green after following in Bitcoin’s descent over the past several days but Tether has moved to third place following growing volume – behind Bitcoin and Ethereum – in the top 10 cryptocurrencies, which isn’t a great look.