China’s largest manufacturer of cryptomining machines, Bitmain, announced that it will suspend its product sales to reduce selling pressure from Beijing’s ban on bitcoin mining, reported Reuters.
Bitmain decided to suspend the sales of its Antminer machines globally “to help smooth transition of the industry.” Bitmain is one of many companies that are selling machines and leaving the cryptocurrency mining business.
China’s State Council planned to crackdown on bitcoin mining and trading in May in an effort to reduce financial risks associated with it.