Crypto Miners See Relief as Thousands of Seized Units Are Released
Recent developments suggest a thaw in US enforcement actions against Chinese-manufactured cryptocurrency mining equipment.
After months of detainment at ports, thousands of units are now being released.
Partial Release of Seized Equipment
According to a Reuters report, US authorities have recently begun releasing previously seized Chinese-manufactured cryptocurrency mining equipment. Taras Kulyk, CEO of Synteq Digital, a mining equipment brokerage firm, stated that thousands of units have now been released; however, as many as 10,000 had been delayed at various ports.
Kulyk suggested that internal opposition within US Customs and Border Protection (CBP) may have contributed to the initial seizures and described it as an attempt to create difficulties for the industry. The seizures began late last year, as reported by CryptoPotato, due to concerns over radio frequency emissions and potential violations of trade restrictions. In addition to Bitmain’s Antminer, mining equipment from MicroBT and Canaan were also detained.
Industry reports indicate that some detained equipment contained chips from Sophgo, a Chinese semiconductor company facing trade sanctions due to its alleged role in facilitating transactions between Taiwan’s TSMC and the blacklisted telecom giant Huawei.
Ethan Vera, chief operating officer at Luxor Technology, confirmed that while some shipments have been cleared, the majority remain held. Both Vera and Kulyk dismissed concerns over radio frequency emissions as unfounded. The situation unfolds amid ongoing trade tensions between the US and China, with Washington maintaining strict controls over technology exports and imports involving Chinese firms.
Not All Shipments Are Free
The release of some equipment marks a shift in enforcement actions that have affected cryptocurrency miners reliant on Chinese-made hardware. Sophgo’s blacklisting in late 2023 was part of broader measures targeting firms suspected of aiding Huawei in circumventing US sanctions.
While the release of mining equipment signals some movement in policy, the fate of the remaining detained shipments remains uncertain.
The post Crypto Miners See Relief as Thousands of Seized Units Are Released appeared first on CryptoPotato.
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Crypto Miners See Relief as Thousands of Seized Units Are Released
Recent developments suggest a thaw in US enforcement actions against Chinese-manufactured cryptocurrency mining equipment.
After months of detainment at ports, thousands of units are now being released.
Partial Release of Seized Equipment
According to a Reuters report, US authorities have recently begun releasing previously seized Chinese-manufactured cryptocurrency mining equipment. Taras Kulyk, CEO of Synteq Digital, a mining equipment brokerage firm, stated that thousands of units have now been released; however, as many as 10,000 had been delayed at various ports.
Kulyk suggested that internal opposition within US Customs and Border Protection (CBP) may have contributed to the initial seizures and described it as an attempt to create difficulties for the industry. The seizures began late last year, as reported by CryptoPotato, due to concerns over radio frequency emissions and potential violations of trade restrictions. In addition to Bitmain’s Antminer, mining equipment from MicroBT and Canaan were also detained.
Industry reports indicate that some detained equipment contained chips from Sophgo, a Chinese semiconductor company facing trade sanctions due to its alleged role in facilitating transactions between Taiwan’s TSMC and the blacklisted telecom giant Huawei.
Ethan Vera, chief operating officer at Luxor Technology, confirmed that while some shipments have been cleared, the majority remain held. Both Vera and Kulyk dismissed concerns over radio frequency emissions as unfounded. The situation unfolds amid ongoing trade tensions between the US and China, with Washington maintaining strict controls over technology exports and imports involving Chinese firms.
Not All Shipments Are Free
The release of some equipment marks a shift in enforcement actions that have affected cryptocurrency miners reliant on Chinese-made hardware. Sophgo’s blacklisting in late 2023 was part of broader measures targeting firms suspected of aiding Huawei in circumventing US sanctions.
While the release of mining equipment signals some movement in policy, the fate of the remaining detained shipments remains uncertain.
The post Crypto Miners See Relief as Thousands of Seized Units Are Released appeared first on CryptoPotato.
Read More