Fear of chines GOV, Many Listings for Undervalued Mining Hardware Have Emerged Following the Chinese Central Government’s Crackdown on Cryptocurrency Exchanges.
One miner based in Wuhan is liquidating 50 motherboards at below market value via the Alibaba owned second-hand trading platform. The listing stated the “boards were manufactured this June”, and have only been used “for two months”.A Chinese miner has told reporters that he is selling his equipment in due to the looming threat Beijing may seek to further its crackdown on cryptocurrencies. The miner stated that he doesn’t “care about [the] bitcoin price anymore. There are too many regulat[ory] uncertainties. You know the government always adopts an interventionist approach in its economy. What if the authority one day suddenly announces that it’s illegal to hold coins? Now I just want to sell out all of my miners and ASICs. No more roller coasters in my life.”