October 23, 2021

Chinese miners are closing their factories

Chinese miners are closing their factories

Three Chinese mining pools have announced they will be closed due to new strict cryptocurrency laws.

After that, As the Vice Premier of the State Council of China said the authorities should fight mining and trading, several large mining companies announced they would be shutting down.

BTC.TOP, which accounts for about 2.5% of the total Bitcoin hash rate, said it is moving its venture to North America.

Huobi's subsidiary Huobi Mall has announced that it will not sell miners in China and will suspend its own cryptocurrency mining operations.

HashCow has not yet stopped the work of its farms, but announced the termination of purchases of new ASICs.

Shortly after warnings from the Chinese authorities, the bitcoin hash rate fell by 30% - from 171 EH / s to 118 EH / s.

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