According to reports, due to a surge in second-hand supply, Bitmain has suspended Bitcoin miner orders

According to reports, Chinese mining giant Bitmain is scrambling to respond to market conditions A major blow to crypto mining activities By local authorities.

According to a report from the Chinese news agency Sina Finance on Wednesday, Bitmain has already Stop Its global spot sales of new bitcoins (Bitcoin) Mining equipment to prevent customers from incurring losses due to massive sell-offs in the secondary market.

By postponing sales, Bitmain intends to help miners who exit the industry obtain better prices for mining equipment and protect the company from further long-term price declines, Bloomberg ReportA Bitmain spokesperson stated that the company will continue to support the delivery of equipment for mining smaller altcoins in the future. The representative did not specify when Bitmain expects to resume global spot delivery.

Arthur Li, founder of Sai Technology, a mining startup supported by Bitmain, emphasized the huge selling pressure of top Bitmain mining machines in the second-hand market.Some flagship mining equipment of Bitmain and rival Whatsminer are now priced at about 150 yuan (23 U.S. dollars) per terahash, down from 600 yuan (93 U.S. dollars) in April when Bitcoin Set an all-time high of more than $64,000.

related: With power outages of Chinese miners, Bitcoin hash rate drops to an 8-month low

The sharp drop in the price of ASIC bitcoin mining machines is consistent with the sharp drop in the price of Nvidia GPUs, which are commonly used for cryptocurrency mining.As previously reported, the price of some graphics cards in China Down by two-thirds On the domestic e-commerce website in June.

According to reports, Bitmain is considering moving overseas.According to Chinese reporter Colin Wu, the company Announce Fully moved abroad on Tuesday.