[Blockchain Today Reporter Jang Seo-yeon] When the cryptocurrency market collapsed after the Chinese government announced that it would strengthen bitcoin mining and transaction crackdown, Huobi Mall and cryptocurrency mining companies including BTC. have.
According to a report by Reuters, the Financial Stability Development Committee, held by Deputy Prime Minister Liu Heo on the 21st, said that Bitcoin mining and trading activities are threatening the entire financial system and will crack down strongly. This is the first time that the authorities have aimed to crack down on large-scale cryptocurrency mining in China, which accounts for 70% of the world’s cryptocurrency supply.
Huobi Mall, which belongs to Huobi, a cryptocurrency exchange, said in a statement on the 23rd that it will stop cryptocurrency mining and trading services for customers in mainland China, and instead focus on overseas business. Huobi Mall announced through the official Telegram community that “we are in contact with overseas service providers to pave the way for future mining equipment exports.”
The cryptocurrency mining site BTC.TOP also announced the suspension of its business in China due to regulatory risks. Founder Jiang Zhuoer said in a microblog post via Weibo, “As the Chinese authorities thoroughly crack down on mining, Chinese cryptocurrency mining equipment will be sold overseas.” I will mainly proceed.”
China has already lost its position as a global cryptocurrency center after the Chinese government banned cryptocurrency trading in 2017.
“In the end, China will lose the cryptocurrency computing sector to foreign markets,” said Jang, expecting an increase in mining sites in the US and Europe.
Cryptocurrency miners are using much more powerful and specially designed computer equipment to verify virtual coin transactions in the process of producing new cryptocurrencies such as Bitcoin.
Another cryptocurrency miner, HashCow, who owns 10 mining sites in Xinjiang and Sichuan, China, and sells computing power to investors, issued a statement saying “We will fully comply with government regulations.” “We will refund the full amount to investors who have stopped buying new Bitcoin equipment and have ordered computing power without starting mining yet.”
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