Alibaba to Stop Selling Crypto Mining Machines

Alibaba says it will block sales of cryptocurrency mining equipment starting next month. The Chinese e-commerce giant announced that it will stop selling crypto mining machines. The company has been facing criticisms from the government for not abiding by the local laws on cryptocurrency mining.

Alibaba is one of the biggest retailers in China and had been selling crypto mining machines before the ban. They also own a stake in a Hong Kong-based crypto hardware maker called Bitmain, which was founded by the company’s co-founder Jihan Wu.

This decision to stop selling crypto mining machines by Alibaba will have a negative impact on Bitmain’s profits as well since they are a big player in this market segment and they depend on Alibaba for their supplies.

Alibaba’s decision to stop selling crypto mining machines is a major move that could have a significant impact on the crypto mining industry.

The company announced that it would be removing the “mining machine” category from its website without any explanation. This comes after a rough few weeks for cryptocurrencies, with Bitcoin falling to its lowest point in over 12 months before recovering slightly over the weekend.

It also comes at a time when China is cracking down on crypto exchanges and mining operations in the country, with an order from officials last week telling four of China’s biggest bitcoin mines to shut down operations.

Any merchants that list such products on their platforms after October 15 will face penalties.

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