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Chinese-based Bitcoin mining companies have announced plans to cease operations in China, following the recent news that Chinese officials would soon clampdown on cryptocurrency mining.

The crypto markets have taken a beating as a result of the expected Chinese clampdown.  Bitcoin and Ethereum are down as much as 50% from their recent All-Time Highs (ATHs).

According to Reuters, Huobi Mall, part of cryptocurrency exchange Huobi, said that it has suspended both crypto mining and some trading services to new clients from China, adding it will instead focus on overseas businesses.

“We’re contacting overseas service providers, to pave the way for exports of mining rigs in the future.” Huobi Mall said via its official Telegram community.

BTC.TOP, a crypto mining pool, also said that it would suspend its Chinese business due to regulatory concerns.

Crypto miner, HashCow, stated that it would suspend purchases of new Bitcoin mining equipment, promising a full refund to those who had already placed orders.

In 2017, after Beijing banned crypto exchanges, China lost its position as a global cryptocurrency trading centre. The future is looking dull for China as it plans to clampdown on crypto mining.

Feature image by Consulting 24 from flickr

Andrew is a law student currently studying at UNISA, and Global Crypto's in-house reporter. Andrew discovered blockchain in his final year of school and since developed a keen interest in the subject. He appreciates a good cup of coffee. When he is not too busy with work or studies, he enjoys playing a good round of golf.