Regulatory Concerns Prompt Chinese Miners to Sell Hardware

Although no official intention of banning or heavily regulating mining has been stated by Beijing, an increasing number of miners are ceasing operations based on the Chinese government's track record of market interventionism.

It is not a certainty, however, that the government's crackdown on cryptocurrency will extend to mining. Caixin, a Chinese media outlet, claims that they have been informed by an anonymous source that the miners' concerns are unfounded, stating that Beijing has no plans of shutting down the mining industry. The source compounds this by explaining that bitcoin mining is a growing export industry that boosts the Chinese economy by earning foreign currency.