May 23, 2021

Crypto miners halt China business after Beijing cracks down, bitcoin tumbles

Posted by in categories: bitcoin, business, cryptocurrencies

Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.

Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny of them.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday — the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply. read more

Huobi Mall, part of cryptocurrency exchange Huobi, said in a statement on Monday that it has suspended crypto-mining services to mainland Chinese clients, and will focus on overseas businesses.

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