Bitmain, a manufacturer of application-specific integrated circuit (ASIC) chips, has suspended sales of mining rigs as cryptocurrency miners are leaving China due to the local ban, Bloomberg reports. The company says it decided to postpone sales in order to help miners exiting the China's market get better prices.
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Bloomberg notes that prices for top-tier ASICs plunged by approximately 75% since April after Chinese Vice Premier, Liu He, said that authorities should impose more regulation on the mining market in order to protect the financial system. Bitmain added it will later sell devices used to mine altcoins. However, it remains unclear when business will resume.
Earlier in March, The9, a Shanghai-based online game operator, signed a bitcoin (EXANTE: Bitcoin) mining machine purchase agreement with Bitmain. The9 plans to get a total of 24,000 Antminer S19j mining machines, which are scheduled to deliver starting from November 2021. The company expects to own an additional hash rate of approximately 2,160PH/s.
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