Bitcoin and cryptocurrency mining machine company shuts down after China bans

The cryptocurrency market is declining after a series of other steps taken by China on cryptocurrency. First, China has banned its financial institutions and payment agencies from performing transactions or any other services related to cryptocurrency. After the ban on this mining and now, Bitman, the largest manufacturer of cryptocurrency mining machines, has banned this mining in the spot market to reduce the pressure of selling its products. The cell is closed.

Cryptocurrency mining company Bitman has stopped selling its products on the spot market, Reuters news agency reported. The company says it is supplying “quality” electricity to customers, among others, including the United States, Canada, Australia, Russia, Kazakhstan and Indonesia.

It is no secret that China has promised to stop mining bitcoin. From 2017 to now, the country has taken various drastic measures related to mining and trade. In late May, the State Council of China banned financial institutions and financing institutions from transacting or providing any other type of cryptocurrency-related services, citing the financial risk of cracking down on the bitcoin business and mining. The move had a profound effect on the price of bitcoin. Talking about the price, at the time of writing, the price of Bitcoin in India was around Rs 226 lakh.

The report further states that following this latest move by China, large and large mining centers – Inner Mongolia, Yunnan and Sichuan, etc. Following the ban, many Chinese miners are selling their machines or moving abroad. Bitcoin says mining sites abroad are not easy to set up overnight and the pressure to sell them in the secondary market is even greater. To alleviate this pressure, the company has stopped selling machines in the world market.

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