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Chinese e-commerce giant Alibaba said Monday that, beginning on October 8, it will halt the sales of cryptocurrency mining equipment on its platform. So, where will all this stock go now. With a lot of miners already moving away from China and setting up elsewhere, this is going to drive sales up in other areas that are going to take advantage.
Is this an ideal opportunity to get your hands on some of this mining equipment. Maybe set up your own farm. Lets hope so to help keep the network decentralized across the entire globe.
Alibaba said in the notice:
“[A]fter 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.”
Alibaba also said that it would close two sales categories related to mining.
China’s crackdown on mining began in earnest earlier this year, resulting in the exit of some mining firms from the country. The lockout appears to be accelerating quickly, as shown by developments like the service shutdown of Hangzhou-based Sparkpool, an Ethereum mining pool company.
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Exchanges like Huobi and Binance have also moved to restrict service access in the wake of the Chinese regulatory moves.