Cryptocurrencies
World’s Top Bitcoin Mining-Rig Maker Halts Sales as Clients Flee
- Bitmain takes step to help prop up second-hand prices
- Cost of a top-tier rig plunged by about 75% since April
Bitcoin mining machines operate at a mining facility by Bitmain Technologies Ltd. in Inner Mongolia, China.
Photographer: Qilai Shen/BloombergThis article is for subscribers only.
Bitmain Technologies Ltd. has suspended sales of machines for spot delivery globally, aiming to prop up local prices after crypto miners fleeing Beijing’s crackdown dumped used mining rigs on the market.
The world’s biggest maker of Bitcoin machines told the local mining community Wednesday it has stopped selling new equipment after prices for top-tier rigs plunged by about 75% since April. By postponing sales, it could help miners exiting the industry get better prices for their machines. Bitmain could also benefit if the reduced supply buoys prices over the longer term for new machines.