China’s crackdown on cryptocurrency mining in the country has a new victim – BIT Mining. The company’s subsidiary, BTC.com is shutting down its operations in China citing the new local regulations.
BIT Mining will retire the accounts of local users soon and will cease operations altogether in the country. And just like others, it’s now focusing on global market expansion and development, outside China.
BIT Mining Shutting Down
Bitcoin mining is associated with the consumption of heavy resources – hardware and electricity. The impact of this is being realized by everyone recently, and are trying to offset such practices for good.
China, the world’s latest miner of Bitcoin until May this year, has fallen to Zero hashrate contributor after the crackdown started. The country’s vice primer Liu He said earlier that they’d ban trading and mining of cryptocurrencies in China citing financial instability.
And it’s happening. China’s Central Bank released a memo last month saying the same, forcing all the entities involved in trading and mining out of the country. Huobi exchange, BTC.TOP and HashCow were the few who ceased operations in the country recently.
And now, BIT Mining’s BTC.com is pursuing the same approach. The company’s mining subsidiary announced wrapping up operations in China, citing the recently revealed regulations. In its post, BIT Mining said;
“BTC.com’s discontinuation of service to users in mainland China may adversely impact the consolidated financial statements of the company,” the company said.
“However, the company believes that its growth in global markets will help offset the loss of business in mainland China. Going forward, the company plans to intensify its business expansion efforts and accelerate its global development.“
Starting Friday, BTC.com will be retiring the accounts of Chinese users and will focus on foreign operations and expansion. As per the latest reports, China has fallen to the zero mark on hashrate contribution to Bitcoin mining worldwide, leaving the No.1 position to the US.
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