Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading.
Suspension of its China business
BTC.TOP, a crypto mining pool announced the suspension of its China business, citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin mining rigs. The reason is China’s stepped-up drive to curb speculative crypto trading, which is now also affecting Bitcoin miners.
Cryptocurrency exchange Huobi also suspended both crypto-mining and some trading services to new clients.
China will lose crypto computing power to foreign markets
Right now 75% of all Bitcoin miners are located in China. Eventually, China will lose crypto computing power to foreign markets as well,” BTC.TOP founder Jiang wrote, predicting the rise of U.S. and European mining pools.