Crypto mining rigs

Crypto mining rigs will not be sold on Alibaba from October 8, 2021

The sale of Crypto mining rigs will be blocked from October 8, 2021, on the e-commerce giant of China, Alibaba. Announcement added that decision was made due to renewed crackdown of China on crypto.

The Crypto market has suffered at the hands of China and is suffering now as well. China has anti-crypto stance since the start but common people were attractive the most. China was handling 65% of total Bitcoin mining but has banned it earlier this year, crypto market got a real hit from this. Now, the central bank is announcing another renewed crackdown on the market.

Crypto mining rigs will not be sold on Alibaba:

Recent statements of the PBOC (People’s Bank of China) are making things hard for the crypto although these statements are a reiteration of what they have been saying in the past. Alibaba, the e-commerce giant of China has decided to block the sales of Crypto mining rigs on its platform. A notice was released by Alibaba saying:

After a thorough evaluation, taking into account the instability of laws and regulations on virtual currencies and relevant products in various international markets, Alibaba.com will prohibit the sale of virtual currency miners in addition to the prohibition against selling virtual currencies such as Bitcoin, Litecoin, BeaoCoin, QuarkCoin, and Ethereum, which include but are not limited to:

 1) Hardware and software used to obtain virtual currencies such as Bitcoin miners.

2) Tutorials, strategies, and software for obtaining virtual currencies such as tutorials on mining.

Crypto mining rigs
The picture of crypto mining rigs
Source: Alibaba

Alibaba further added that they will also be closing two sales categories related to mining. The crackdown by Chinese authorities is still going on because recently, they have shut down Ethereum mining pool company in Hangzhou. Due to the Chinese move on crypto mining rigs and mining, the firms like Binance and Houbi have blocked their services in the Country.

About mnmansha

MN Mansha is a cryptocurrency expert, trader, and content writer with extensive experience in covering everything related to digital assets — from price analysis to Blockchain disruption. Mansha authored 100+ stories for NewsBSC.com and other fintech media outlets and he's actively writing more every day. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

Check Also

Stablecoin growth

Stablecoin growth can be disruptive for the securities markets, says Fitch report

Stablecoin growth can be disruptive for the securities markets, says one of the ‘Big Three’ …

Leave a Reply

Your email address will not be published. Required fields are marked *