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Several cryptocurrency mining operations in China are currently suspended after the nationwide crypto ban. According to an announcement by the Chinese State Council Committee, the ban also affects crypto mining operators. Some miners that have already suspended operations include: Huobi Mall and BTC.TOP.
In a statement, Huobi has assured customers to keep calm. The crypto mining operator added:
“Due to recent dynamic changes in the market, in order to protect the interests of investors, a portion of services such as futures contracts, ETP, or other leveraged investment products are temporarily not available to new users from a few specified countries and regions.”
While Huobi says it is in contact with mining operators outside the country, BTC.TOP said it would also be transferring its business to North America. According to BTC.TOP, most crypto mining rigs will soon be sold overseas. The operator added that China would eventually “lose crypto computing power to foreign markets as well.”
China’s crypto market recorded losses after the ban on cryptocurrencies in the country. In 2017, before the initial crypto ban, China’s crypto community accounted for up to 70% of global mining. In addition, all major cryptocurrencies declined after the ban was reinforced.
Image Credits: Pixabay
