Crypto miners halt China business after crackdown, bitcoin tumbles

Shanghai: Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny of them.

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.

Huobi Mall, part of cryptocurrency exchange Huobi, said in a statement on Monday that it has suspended crypto-mining services to mainland Chinese clients, and will focus on overseas businesses.