China has been cracking down on Bitcoin mining recently, citing improper financial stability as a reason. BIT Mining is the latest in exiting China, after HashCow, BTC.TOP and other prominent miners.
BTC.COM Ceases Operations in China
Lately, China has been so restrictive in regulating the cryptocurrency operations in the country. Observing its high volatility and heavy consumption of resources, the nation’s relevant authority hinted at banning the technology altogether for good. This crackdown started in March this year, with China’s vice primer Liu He calling for a ban on both trading and mining cryptocurrencies in the country. This led several cryptocurrency trading exchanges and mining platforms to shift their business overseas or shut down. Also Read- Best Cryptocurrency Apps For Android Huobi exchange is one of them, which ceased serving Chinese customers. BTC.TOP, a popular cryptocurrency mining platform announced a shutdown too, with HashCow, another similar site for Bitcoin mining said it will stop buying mining rigs further. A memo released by China’s Central bank last month reiterated this call, forcing anyone in such business to look for alternatives. And BIT Mining is no different. The platform’s subsidiary – BTC.com is a popular venue for pooling resources and mining Bitcoin. The company announced ceasing operations in China, citing local restrictions. It said, BIT Mining will start retiring the accounts of Chinese users starting Friday and will shut down completely in the country soon. 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.”
