Cryptocurrency News

China crypto mining businesses hit by Beijing crackdown

  • Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading
  • The reason is China's stepped-up drive to curb speculative crypto trading, which is now also affecting Bitcoin miners
  • Eventually, China will lose crypto computing power to foreign markets

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.

 

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About Author

Stan Colenbrander

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Stan is the head of news and podcast host at Cryptonary. He was formerly a member of the Cryptonary Pro community. In early 2021, he decided to drop out of journalism school at university to pursue journalism in real life and make an impact in the crypto space. . His areas of interest include the NFT industry, decentralised finance, and blockchain startups.

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