China Crypto Miners Crackdown: Bitmain To Sell Top Bitcoin Mining Rig At 20% Price Cut
Following continued clampdown on crypto miners by Chinese authorities, leading bitcoin mining rig manufacturer, Bitmain has revealed that it would sell its Antminer S10 Pro at a 20% discount.
The refund requests by other miners in China and the country’s worsening demand in the country are responsible for the price cut. The exclusive news was first shared via Twitter by famous crypto Chinese journalist, wu blockchain.
Wu Blockchain Tweet. Source: Twitter
The Antminer s19 pro is regarded as the best ASIC bitcoin mining rig with over 100 Tetrahashes per second output. Bitcoin mining chips have evolved to a third-generation – ASIC mining chips. The first and second ones being the CPU-based and GPU-based mining chips.
The network input determines the rise or fall of the bitcoin mining difficulty and when the next bitcoin block can be mined within 10 minutes. During the early days of bitcoin, this difficulty was low, and anyone could use their home computers to mine bitcoin. However, as more people become miners over the years, the mining difficulty has been rising steadily and has forced miners to first opt for GPU-based mining chips, then an ASIC mining chip for optimal output.
Chinese Miners Are Relocating
Many China-based crypto miners have started implementing the plans to relocate and embarked on a selling spree. They are selling their mining rigs at giveaway prices. The strictest crypto mining clampdown has been in Inner Mongolia, where all industrial and home-based mining activities have been banned. The city coincidentally harbors the largest number of bitcoin miners.
Another top crypto mining city, Sichaun, offered less strict measures informing miners that they can continue working till the end of the monsoon season but would need to relocate once the next season starts. China’s carbon neutrality objectives are deemed to be responsible for the current clampdown on crypto miners, which is why Bitmain is offering a price cut for its best product. The good news for the company is that most of their customers aren’t China-based. Hence, their sales haven’t experienced a significant hit.
China Blocks Social Media Accounts of Crypto Influencers
According to the South China Morning post, social media accounts of over 12 crypto influencers on Weibo (a Chinese social platform) were shut down over the weekend because they were adjudged to violate crypto laws in the country.
One of those affected told the newspaper reporter that he was expecting his account to be suspended and wasn’t surprised. This isn’t the first time social media accounts have been suspended or removed as part of the country’s efforts in preventing cryptocurrency use.
Earlier in the year, Weibo suspended the official social media accounts of the three leading crypto exchanges in the country (Huobi, OKEx, and Binance). Similar suspensions were meted out to the Weibo accounts of Justin Sun (Tron founder) and Yi He (Binance co-founder) in 2019. Chinese authorities have emphasized that it doesn’t want a Chinese version of Elon Musk to exist in the country’s crypto market space.
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