Bitcoin News and Finance Bitcoin Mining Operations Btc.top and Hashcow Cease Offering Services in China Skip to main content

Bitcoin Mining Operations Btc.top and Hashcow Cease Offering Services in China

Following some stern warnings from a few major trade associations and regulators in China, two prominent exchanges, Huobi and Okex, have stopped offering services to Chinese residents. After the two exchanges halted specific services to residents of mainland China, two bitcoin mining operations have also abandoned the country on Monday. Btc.top and Hashcow have suspended services over “regulatory risks.”

Crypto Firms Are Abandoning China

Two mining operations have revealed specific services have been suspended for residents living in mainland China. The news follows the recent announcement from Huobi and Okex when the firms announced this weekend that specific services would be halted for Chinese citizens. There’s been a flurry of government announcements stemming from China and the first warning was published on May 19.

A Reuters report claimed at the time that “China has banned financial institutions and payment companies from providing services related to cryptocurrency transactions, and warned investors against speculative crypto trading.” However, the report was quickly dismissed as fear, doubt, and uncertainty (FUD) by the greater crypto community. A few days later, more reports of Chinese officials discussing monitoring bitcoin mining were published by a variety of publications.

Then this weekend, the two exchanges Huobi and Okex ceased offering services to customers in mainland China. Huobi has ended specific mining services like selling mining rigs and also cloud-hosting operations to Chinese residents. Okex has “stopped trading platform currency with RMB,” according to the local reporter Colin ‘Wu’ Blockchain. Following the announcements from Okex and Huobi, bitcoin (BTC) prices started to show some recovery.

Btc.top and Hashcow Suspend Services to Chinese Residents, Rumors of ‘Cheap’ Mining Rigs Begin to Surface

Now two mining operations have revealed ceasing services to Chinese residents as well. Btc.top, a large mining pool that commands 1.7% of the global hashrate, detailed that it has “suspended its China business citing regulatory risks.” In a similar instance, the mining operation Hashcow also detailed that the firm would stop purchasing mining devices.

Since the initial bitcoin mining warning on May 21, the overall BTC hashrate has declined. At the time of publication, the hashrate is around 140 exahash per second (EH/s), after it was riding above the 158 EH/s zone 24 hours earlier. No other mining operations have made any announcements about ceasing operations in China besides Btc.top and Hashcow’s recent statements.

Meanwhile, Primitive Ventures’ founding partner Dovey Wan and Bixen’s Mustafa Yilham have been speaking on the regulatory crackdown situation in China.

“In [the] past 48 hours,” Yilham tweeted. “Chinese miners already started to accelerate [the] migrating process to other countries. There will also be large quantities of Bitcoin mining machines available for sales.”

What do you think about Btc.top and Hashcow ceasing mining operations with Chinese residents? Let us know what you think about this subject in the comments section below.

Comments

Popular posts from this blog

Custodial Lightning Network Service Attack Discovered by LN ‘Newbie’ — Hacker Strikes 6 LN Custodians

On September 18, a Redditor posted to the r/bitcoin forum and explained how he discovered a way to “attack [the] lightning Network’s custodial services.” The Reddit account dubbed “Reckless Satoshi” wanted to figure out if a “discrepancy between real routing fees and service’s transaction fee can be exploited for a profit.” The researcher disclosed that he wanted to see how large the damage could be and said “it is bad.” 6 Lightning Network Custodial Services Attacked, Researcher Discloses Findings to Offenders Prior to Public Disclosure A Redditor called Reckless Satoshi published a disclosure post on r/bitcoin this past Saturday and disclosed how he had found a vulnerability with routing fees and some of the Lightning Network’s custodial services. The research attack was done in good faith and after it was complete he disclosed the bugs to the offending services before publishing his findings. Reckless Satoshi used the Lightning Network (LN) attack on six different services incl...

Axie Infinity Down 40% Since Last Week’s Price High, Protocol Revenue Outshines Competitors

Last week, the game token leveraged within the Axie Infinity gaming universe skyrocketed to all-time highs, while other crypto markets remained extremely lackluster. During the last seven days, Axie Infinity’s platform token has dropped significantly in value shedding more than 12%. Meanwhile, the game platform’s smooth love potion token has slid over 8% over the last 24 hours. Axie Infinity Down More Than 40% Since All-Time High Not too long ago, the axie infinity (AXS) token was a topical conversation because it reached an all-time high on July 15. At the time, AXS managed to capture $28.93 per unit and since then it has shed 12.8% during the last seven days. The axie infinity (AXS) token is used within the blockchain-based game that involves battles between token-based creatures called “Axies.” AXS is used for the game’s governance system as well as other actions within the game. At the time of writing axie infinity (AXS) is exchanging hands for $16.70 per coin. AXS/USD on Ju...

Play-to-Earn Game From Polker (PKR) Exchange Listing – Endorsed by Akon

The Play-to-Earn NFT based Polker.Game ‘s native token $PKR has been officially listed on the popular centralized exchange BitMart. Polker.game has been in the spotlight recently as Akon, the American R&B superstar and record producer gave his official endorsement of polker stating that the “game is revolutionary” and that Polker is “hands down.. the best play to earn, NFT game in the space.”. With the BitMart listing and celebrity endorsement from Akon, Polker is perfectly positioned to become a major player in the Play-to-Earn league. Watch Akon’s Video Here What is Play-to-Earn? Although not a new concept, play-to-earn has become a trending term due to the popularity of the NFT game AXIE infinity. In the past, previous play-to-earn games have also achieved success – however, thanks to the huge amount of development in the blockchain space in recent years the gaming experience is now massively improved. Play-to-Earn games are essentially free to play and open to anyone and...

China to Crack Down on Copyright Infringement Through NFTs

Authorities in China are going after creators of digital collectibles based on other people’s works of art, the use of which was not authorized. The government offensive is part of a campaign to combat online copyright infringement and piracy with the participation of several departments. Regulators in China Move to Strengthen Copyright Supervision of Online Platforms The National Copyright Administration of China (NCAC) has recently launched a campaign against copyright infringement and piracy on the internet, together with the Ministry of Industry and Information Technology, the Ministry of Public Security, and the State Internet Information Office of the People’s Republic. A major objective of the initiative is to improve copyright supervision of online businesses by investigating cases involving the sale and distribution of infringing products on short video, live broadcast and e-commerce platforms, and promptly dealing with infringing content, the agency announced in a press r...
Blogarama - Blog Directory