- One of the world’s largest Bitcoin mining manufacturers will stop shipping its oil rigs to mainland China.
- Last month, the company planned to stop selling its machines to miners in China after the crypto ban.
- Bitcoin hashrate difficulty has rebounded over 39% since the July lows.
Bitmain, one of the world’s largest manufacturers of cryptocurrency mining machines, has decided to stop shipping its Antminer to mainland China from October 11th. It did so shortly after China announced a sweeping ban on digital assets and even recently claimed that crypto transactions were illegal.
Bitmain is seeing the end of domestic market share
The Beijing-based bitcoin hardware maker recently announced that it will no longer send machines to customers in mainland China. The company said it will follow local regulations and stop deliveries from October 11th.
Despite the suspension of the delivery of its mining machines to mainland China, foreign business remains unaffected. For customers who bought long-term products from Bitmain, the company stated that its employees would contact them to offer alternative solutions.
Mining equipment sales in China have been declining since late last year as China increasingly cracks down on the new asset class. Almost 50% of Bitmain’s revenue in 2017 came from domestic sales, which fell to almost 40% in the first half of 2018. While China’s market share declined, North American mining operations saw an increase.
Although the Chinese market is experiencing a shutdown, Bitmain has increased its production capacity for mobile mining containers, also known as Antbox. The company is expected to host the 2021 World Digital Mining Summit in Dubai next month to discuss green energy mining opportunities.
Bitcoin hash rate difficulty has rebounded 39% since declining in July this year. This suggests that miners outside of China were able to participate in the mining sector, which led to the recovery.
Bitcoin price shows strength when it comes to aiming higher
Bitcoin price hit a higher high on October 11, hitting a new high of $ 56,756. The leading cryptocurrency suggests greater ambition as an ascending parallel channel pattern emerges on the 12 hour chart.
The world’s largest cryptocurrency by market capitalization could see an 8% jump towards $ 60,903 if it manages to escape the resistance of the upper bound of the prevailing technical pattern.
BTC / USD 12 hour chart
However, any weaknesses in the market could cause Bitcoin price to test the stability of the leg on the downtrend line of the dominant chart pattern at $ 54,232 before BTC tests its support at the 20 twelve-hour Simple Moving Average (SMA) at $ 51,966 . where the 78.6% Fibonacci retracement level lies.