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Bitmain intends to identify green energy mining opportunities in Chinese provinces through power generation projects.
Bitmain, a Chinese manufacturer of cryptocurrency mining equipment, was forced to halt operations in China on October 11 due to a crypto ban imposed by local authorities.
In addition to China’s blanket ban on crypto operations, the company has attributed the move to stop shipping Bitcoin (BTC) and cryptocurrency mining rigs as a response to China’s carbon-neutral policies. According to Bitmain’s announcement:
“From October 11, 2021, Antminer will stop shipping to mainland China. For customers in mainland China who have purchased long-term products, our staff will contact them to provide alternative solutions.”
While Bitmain has yet to reveal its strategy for assisting existing customers in China, the company will continue to supply Antminer crypto mining rigs to users worldwide, including those in Taiwan and Hong Kong.
Bitmain has increased its production capacity for mobile mining containers — Antbox — to compensate for a temporary slowdown in the Chinese market. The company will host the World Digital Mining Summit 2021 in Dubai in November, where it will discuss green energy mining opportunities derived “primarily from clean energy power generation projects in Yunnan, Xinjiang, and other Chinese provinces.”
Bitmain did not respond immediately to Cointelegraph’s request for comment.
Despite China’s recent ban on crypto activities, Bitcoin mining operations are on the path to full recovery as Chinese miners and investors move to friendly jurisdictions.
Cointelegraph reported that Bitcoin’s hash rate difficulty has increased 39% since late July. Moreover, Chinese media outlet Wu Blockchain pointed out that Bitcoin’s difficulty increased by 4.71% at block height 703,584 on Oct. 5, marking the sixth consecutive increase since July 31.