Miners Suspend Operations Due to China’s Tougher Crackdown

Huobi and BTC.TOP have said they will suspend their services in response to the crackdown, even if the Bitcoin continues to be below $ 40,000.

Bitcoin miners have been hit by renewed efforts by the government of China to crack down on crypto mining companies in the country.

Loud Reuters the crypto-Miner Huobi, HashCow and BTC have.TOP measures announced to respond to Beijing’s move.

In an announcement by a committee of the State Council, plans appeared for an attack on Bitcoin mining and trading in the country. The cabinet resolution, led by China’s Vice Premier Liu He, revealed that government control is aimed at dismantling virtual currencies to ward off financial risks.

Some miners cease operations in mainland China

After the news, at least one major crypto exchange and two mining companies announced that they will discontinue mining and/or trading services in mainland China.

Huobi announced on Monday, May 24 that it has discontinued both cryptocurrency mining and trading services for new customers. The company said it will instead focus on its overseas services.

The Bitcoin mining pool BTC.TOP also ceased operations in China, citing growing regulatory concerns as the reason for the move. Meanwhile, HashCow has announced that it will not invest in new BTC minig devices.

Thanks to the 2017 ban, China is no longer the world’s leading crypto trading destination. Now it is likely that “crypto computing power will also be lost to foreign markets,” BTC said.TOP founder Jiang Zhuoer.

Influence on the Bitcoin course?

It’s not the first time news from China has affected the Bitcoin price. The recent downturn in Bitcoin included a drop that coincided with news that China had asked institutions not to do business with crypto firms.

On Sunday, the BTC/USD pair fell by almost 17%, dropping almost below $ 30,000. Although the price has recovered slightly at the time of writing to be in the green by about 5%, it remains vulnerable to further losses. Because bulls have had several difficulties with the breakthrough of resistance above $ 40,000.

The BTC / USD pair is currently trading at around $ 36,370. Ethereum, which has also fallen to lows of $ 1,900, is trading above $ 2,200 as buyers seek stability. Despite the upswing, Bitcoin remains 43% below its all-time high, while ETH is about 47% below its all-time high.

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