Chinese Bitcoin miners are scrambling to shift or shut operations after the latest round of ‘crypto FUD’ initiated by the government, a report on news outlet Reuters said today.
Ending operations
Crypto exchange Huobi suspended all mining operations this morning (alongside ceasing trading services for Chinese users), BTC.TOP, a crypto mining pool, announced the suspension of its China business citing regulatory risks, and crypto-miner HashCow said it is not buying Bitcoin mining rigs anymore.
“Huobi suspends providing mining machine sales and custody services to domestic users. ” pic.twitter.com/OHzipfrFdN
— Joey Wong王祖兒 (@JoeyWong_t3ch) May 23, 2021
Mining, for the uninitiated, uses up a massive computing system that solves millions of complex calculations each second to validate transactions on the Bitcoin network (a process known as ‘proof of work’).
This requires massive amounts of energy for the maintenance, cooling, running of the machines. But some say as the
Źródło: https://cryptoslate.com/bitcoin-miners-are-shutting-down-chinese-operations/
