Bitmain halts mining-rig production to control market supply

dawidmsnyders

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Bitmain halts mining-rig production to control market supply

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.
 
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