Crypto miners halt China business after Beijing’s crackdown, bitcoin dives
Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling.
A State Council committee led by Vice Premier Liu, he announced the crackdown late on Friday – the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply.
Bitcoin took a hammering after the latest Chinese move, and is now down nearly 50% from it’s all-time high.
The shed as much as 17% on Sunday, before paring some losses and was last trading steady in Asia.Huobi Mall, part of cryptocurrency exchange Huobi,