Chinese mining rig maker Bitmain has stopped selling in-stock cryptocurrency mining equipment amid a plunge in prices following a shutdown of major mining pools in China, the company told Chinese media outlet Jiemian.  

Fast facts: 

  • The Bitcoin hashrate has plunged in the past few days following a clampdown on cryptocurrency mining by the southwestern Chinese province of Sichuan that began last Saturday. The rate had fallen to 87.3106 exa hashes per second yesterday from 112.625 EH/s last Friday.
  • Meanwhile, the prices for Bitmain’s S19 mining machines fell from US$6,175.60 on June 15 to US$4,631.70 on June 23, and there are still few buyers, according to sources who spoke with Jiemian.
  • Bitmain reportedly met with businesses in the crypto mining sector on June 19 in Chengdu — the capital city of the southwestern province of Sichuan, whose abundant hydropower resources have drawn miners — to discuss matters including relocating their mining operations overseas, and tax and legal duties, local media reported, citing sources at Bitmain. 
  • Responding to rumors that the company is relocating mid- and senior-level staff overseas, Bitmain told Jiemian that it did not wish to disclose such information. 
  • At press time, Bitmain had not replied to a request for comment.