Miners began to leave China due to the tough position of local authorities
Two cryptocurrency mining companies BTC.TOP and HashCow have already stopped working in the country. Crypto Exchange Huobi Announces Suspension of Serving Customers from Mainland China
Cryptocurrency miners have begun to halt operations in China due to a recent call from local authorities to tighten policies on mining and trading cryptocurrency, Reuters reported. According to the publication, the mining of digital currencies has already been suspended by two large companies BTC.TOP and HashCow. Crypto exchange Huobi also announced the suspension of cryptocurrency mining and customer service from mainland China.
Miners began to leave China due to the tough position of local authorities
"Cryptocurrency mining consumes a lot of energy, which runs counter to China's carbon neutrality goals," explained Chen Jiahe, chief investment officer at Novem Arcae Technologies in Beijing.
Earlier, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to take measures against mining and crypto trading. He called for tougher regulation of the mining and trading of cryptocurrencies in China, but did not outline specific measures.
Also, the Chinese government news agency Xinhua published an article "Urgently eliminate the hype and chaos around the virtual currency", which talks about four risks associated with the trade and use of cryptocurrencies: market, transactional, technological and legal.
Amid calls from the Chinese authorities to tighten regulation of digital currencies, the value of bitcoin fell by 12%. Today the main cryptocurrency is trading at $ 36.6K, according to CoinGecko.
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