Bitmain reportedly suspends Bitcoin miner orders amid booming secondhand supply
Bitmain Technologies Ltd., is a privately owned company headquartered in Beijing, China, that designs application-specific integrated circuit chips for bitcoin mining. Bitmain has halted global spot sales for its new Bitcoin (BTC) mining devices in order to avoid losses by customers amid massive selling on the secondary market.
Chinese mining giant Bitmain is reportedly scrambling to respond to market conditions amid a major crackdown on crypto mining activity by local authorities. According to a report by Chinese news agency Sina Finance on Wednesday, Bitmain postponed the sales, intends to help miners exiting the industry get better prices for mining equipment, and protect the firm from further price declines over the longer term.
A Bitmain spokesperson said that the company will continue supporting future delivery of devices used to mine smaller altcoins. The representative did not elaborate on when Bitmain expects to resume global spot delivery.
Arthur Li, founder of Bitmain-backed mining startup Sai Technology, highlighted massive selling pressure for top-tier Bitmain miners in the secondhand market.
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