Chinese Crypto Miners Halt Activity

Chinese crypto miners halt activity. The Chinese government's bans on Bitcoin mining have started a new process.

Cryptocurrency miners, including Hashcow and BTC.Top, began to halt their operations after the Chinese government bans on Bitcoin mining. The State Council committee, headed by Vice President Liu He, said in a statement on Friday that this decision was taken to reduce financial risks. With this development, the Council has targeted cryptocurrency mining for the first time. Businesses in China are responsible for 70 percent of global cryptocurrency mining. The cryptocurrency exchange Huobi reported on Monday that it has stopped mining and transactions for its customers in China, and announced that it will focus on its operations in other countries. While BTC.TOP stopped its activities in China citing regulatory risks, crypto mining firm Hashcow announced that it will not buy new equipment for Bitcoin mining. Chen Jiahe, Chief Investment Officer of Beijing-based Novem Arcae Technologies, said, "Crypto mining consumes too much energy, contradicting China's carbon neutral goals." Bitcoin (BTC), the leading cryptocurrency, lost 50 percent from its peak with this statement made after China's last financial payment ban announcement. Ether, on the other hand, recorded its lowest level in the last two months on Sunday.