{"id":191270,"date":"2021-05-24T09:01:25","date_gmt":"2021-05-24T08:01:25","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=191270"},"modified":"2021-05-24T12:31:27","modified_gmt":"2021-05-24T11:31:27","slug":"bitcoin-miners-are-shutting-down-chinese-operations","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/bitcoin-miners-are-shutting-down-chinese-operations\/","title":{"rendered":"Bitcoin miners are shutting down Chinese operations after Vice Premier&#8217;s comments"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Chinese <a href=\"https:\/\/cryptoslate.com\/coins\/bitcoin\/\">Bitcoin<\/a> miners are scrambling to shift or shut operations after the latest round of \u2018crypto FUD\u2019 initiated by the government, a report on news outlet <\/span><a href=\"https:\/\/www.reuters.com\/world\/china\/crypto-miners-halt-china-business-after-beijings-crackdown-bitcoin-dives-2021-05-24\/\"><i><span style=\"font-weight: 400;\">Reuters<\/span><\/i><\/a><span style=\"font-weight: 400;\"> said today.<\/span><\/p>\n<h2><b>Ending operations<\/b><\/h2>\n<p><span style=\"font-weight: 400;\">Crypto exchange Huobi suspended all mining operations this morning (alongside ceasing trading services for Chinese users), BTC.TOP, a crypto mining pool, announced the suspension of its China business citing regulatory risks, and crypto-miner HashCow said it is not buying Bitcoin mining rigs anymore.<\/span><\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">&quot;Huobi suspends providing mining machine sales and custody services to domestic users. &quot; <a href=\"https:\/\/t.co\/OHzipfrFdN\">pic.twitter.com\/OHzipfrFdN<\/a><\/p>\n<p>&mdash; ??Joey Wong\u738b\u7956\u5152 ? ?? (@JoeyWong_t3ch) <a href=\"https:\/\/twitter.com\/JoeyWong_t3ch\/status\/1396528082731905024?ref_src=twsrc%5Etfw\">May 23, 2021<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p><span style=\"font-weight: 400;\"><a href=\"https:\/\/cryptoslate.com\/mining\/\">Mining<\/a>, for the uninitiated, uses up a massive computing system that solves millions of complex calculations each second to validate transactions on the Bitcoin network (a process known as &#8216;proof of work').<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This requires massive amounts of energy for the maintenance, cooling, running of the machines. But some say as the <\/span><i><span style=\"font-weight: 400;\">source<\/span><\/i><span style=\"font-weight: 400;\"> of this is via coal and fossil fuel-powered energy producers, it leaves behind a big carbon footprint for seemingly little benefit to the world.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And that, in turn, is against what China is trying to achieve as a country. &#8220;Crypto mining consumes a lot of energy, which runs counter to China's carbon neutrality goals,&#8221; explained Chen Jiahe, a chief investment officer of Beijing-based family office Novem Arcae Technologies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">He added the recent crackdown is part of the country\u2019s drive to end speculative trading in cryptocurrencies.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">The annual energy consumption of China's cryptocurrency miners is expected to peak in 2024 at about 297 terawatt-hours, the report stated. This, however, greater than all the power consumption by Italy in 2016, making such usage a big concern among environmentalists and industrialists alike.<\/span><\/p>\n<h2><b>Bitcoin, mining, and ruthlessness in China<\/b><\/h2>\n<p><a href=\"https:\/\/www.afr.com\/markets\/currencies\/china-s-control-of-bitcoin-mining-terrifies-investors-20210407-p57h38#:~:text=New%20research%20suggests%20coal%2Dpowered,energy%20as%20Italy%20by%202024\"><span style=\"font-weight: 400;\">Research<\/span><\/a><span style=\"font-weight: 400;\"> suggests over 75% of Bitcoin\u2019s hashrate\u2014a measure of the computational power per second used when mining\u2014originates from Chinese entities like F2Pool, Huobi, and others.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">They\u2019ve been around there for the better part of the last decade, with inner China\u2019s favorable climatic conditions, cheaper electricity and manpower rates, and technical prowess proving advantageous for mining entities to grow and thrive.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, Chinese officials are not as supportive of the quick growth. In statements last week, Vice Premier Liu He and the State Council said they would soon crack down on the trading and mining of cryptocurrencies in the country.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">\u201c[We will] crack down on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field,\u201d the officials said last Thursday, with a drastic market sell-off ensuing in the hours later.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Meanwhile, industry insiders say mining as a whole is unlikely to end, as operators can simply shift to <\/span><i><span style=\"font-weight: 400;\">friendlier<\/span><\/i><span style=\"font-weight: 400;\"> locations or use alternative energy sources.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But for Chinese miners, it\u2019s yet another loss for the country: &#8220;Eventually, China will lose crypto computing power to foreign markets as well,\u201d said BTC.TOP founder Jiang in a statement last week, a reference to how China lost its position as a crypto trading powerhouse back in 2017.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese Bitcoin miners are scrambling to shift or shut operations after the latest round of \u2018crypto FUD\u2019 initiated by the government, a report on news outlet Reuters said today. Ending operations Crypto exchange Huobi suspended all mining operations this morning (alongside ceasing trading services for Chinese users), BTC.TOP, a crypto mining pool, announced the suspension [&hellip;]<\/p>\n","protected":false},"author":65,"featured_media":191288,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2376],"tags":[60786],"post_folder":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.9 (Yoast SEO v21.9.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Bitcoin miners are shutting down Chinese operations after Vice Premier&#039;s comments<\/title>\n<meta name=\"description\" content=\"Chinese Bitcoin miners are scrambling to shift or shut operations after the latest round of \u2018crypto FUD\u2019 initiated by the government.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/cryptoslate.com\/bitcoin-miners-are-shutting-down-chinese-operations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Bitcoin miners are shutting down Chinese operations after Vice Premier&#039;s comments\" \/>\n<meta property=\"og:description\" content=\"Chinese Bitcoin miners are scrambling to shift or shut operations after the latest round of \u2018crypto FUD\u2019 initiated by the government.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/cryptoslate.com\/bitcoin-miners-are-shutting-down-chinese-operations\/\" \/>\n<meta property=\"og:site_name\" content=\"CryptoSlate\" \/>\n<meta property=\"article:published_time\" content=\"2021-05-24T08:01:25+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-05-24T11:31:27+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2021\/05\/china-bitcoin.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"630\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Shaurya Malwa\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:site\" content=\"@cryptoslate\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Shaurya Malwa\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"NewsArticle\",\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-miners-are-shutting-down-chinese-operations\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/cryptoslate.com\/bitcoin-miners-are-shutting-down-chinese-operations\/\"},\"author\":{\"@type\":\"Person\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#person\",\"name\":\"Shaurya Malwa\",\"url\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/\"},\"image\":{\"@type\":\"ImageObject\",\"@id\":\"https:\/\/cryptoslate.com\/author\/shaurya-malwa\/#authorimage\",\"url\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"contentUrl\":\"https:\/\/cryptoslate.com\/wp-content\/uploads\/2018\/07\/author-shaurya-malwa.jpg\",\"caption\":\"Shaurya Malwa\"},\"jobTitle\":\"Analyst\",\"description\":\"Post-mining his first bitcoin in 2012, there was no looking back for Shaurya Malwa. 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