China’s crypto-asset ban forces Huobi mining pool to spin 100,000 Bitcoins
The Chinese crackdown on mining activities has prompted a lot of decisions and actions. Many miners are already heading to the United States, the new mining center, to continue their operations. Recently, the NDRC (National Development & Reform Commission) in China seized more than 10,000 mining rigs in Inner Mongolia.
The report even revealed that the operation was the 45e time that the watchdog has done this. Given the losses suffered by miners as a result of these incidents, many forward-thinking companies are protecting their interests.
One of those companies taking proactive steps is Huobi Global, a crypto exchange with millions of users, including Chinese citizens. The first step the company took was to restrict Chinese citizens on its platform.
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From now on, residents of mainland China can no longer access the platform. As a result, Huobi Global is currently transferring funds to meet clients’ withdrawal needs. In addition, he plans to phase out all Chinese accounts until December 31.
Miners move Bitcoin to meet withdrawal needs
Huobi Global occupies the eighth position among the largest Bitcoin pools. However, now that they have restricted Chinese citizens, minors must movement their funds worth $ 4.21 billion to meet withdrawal needs.
Bitcoin is now gradually recovering its previous losses | Source: BTC/USD on TradingView.com
Aside from this Bitcoin fund move, there were massive Ethereum wallet moves on September 26, amounting to 800,000 ETH or $ 2.29 billion in ETH whales.
Related reading | Miner refunds giant sum of 7,626 Ethereum mistakenly sent by Bitfinex
The Chinese government’s crackdown is wreaking havoc in many pools as many exchanges no longer allow new entrants. The Huobi Global scholarship is one of the scholarships affected by this development.
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