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Bitcoin Miners Plans To Leave China Due To Upcoming Tightening Of Regulation

24 May 2021 14:30, UTC
Anna Martynova

On Friday evening local time, China's State Council released notes on a recent meeting hosted by the Financial Stability Development Committee, which mentioned that fighting bitcoin mining and trading is part of its upcoming financial risk prevention priorities. It remains unclear exactly what action will be taken.

Dovey Wan, founding partner of Primitive Ventures, tweeted that she has already received messages from local bitcoin miners looking to sell their machines or ship them overseas. She also gave an example of a set of 20,000 mining machines, mainly AntMiner 319 and WhatsMiner M20, which are up for sale.

At the moment, the Chinese mining pool BTC.top, which accounts for about 1.5% of the total bitcoin hash rate, has announced that its subsidiary B.top will stop serving customers from mainland China. Crypto exchange Huobi announced the winding down and suspension of some of its services and products, including hosting and supply of mining machines.

Image: Bloomberg