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Huobi Pool Blocks Chinese Bitcoin Miners Amid Crackdown

Mining

u.today 23 May 2021 11:00, UTC
  
Reading time: ~1 m

According to Chinese cryptocurrency blogger Colin Wu, Huobi Pool, a subsidiary of Huobi Group, will no longer provide services to Chinese Bitcoin miners. 

Notably, Filecoin miners will not be affected by the curbs.     

With a 4.90 percent share of the global hash rate, Huobi Pool is the seventh-largest Bitcoin mining pool, according to data provided by BTC.com.   

Earlier this week, the Huobi Global exchange also barred all of its new Chinese users from trading derivatives due to regulatory pressure.    

As reported by U.Today, a Chinese regulator reiterated its plan to clamp down on Bitcoin mining and trading in a summary of its May 21 meeting, delivering a major blow to the market.  

Yet, some industry voices believe that China potentially banning Bitcoin mining will be a positive thing for the largest cryptocurrency since it will reduce BTC's carbon footprint and make it more decentralized.

Presently, all major Bitcoin mining pools are Chinese (save for Digital Currency Group's Foundry USA).                    


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