China’s crypto exchanges and miners are dealing with the fallout from the State Council’s warning last week, which calls for a crackdown on crypto trade and mining in the nation.
While the Chinese government has yet to reveal any clear measures for enforcing the crackdown, several of the world’s largest crypto mining businesses have already begun to respond to the warning.
In mainland China, Huobi has shut down its miner hosting service. BTC (Bitcoin) mining pool (+4.31%) TOP’s operations in China have been halted, and HashCow has announced that it will no longer purchase new rigs.
If China enacts the crackdown, the transition to hosting sites outside of China could be costly and time-consuming.
Crypto mining will continue to exist in China in the long run, but it will shift from large data centers to home miners or small and medium-sized miners. BTC. TOP CEO Zhuoer Jiang stated on Twitter.
According to The Economic Information Daily, the biggest risks for cryptocurrency are increased interest from average Chinese investors, financial risks associated with high leverage, security concerns with crypto trading platforms, and compliance issues related to money laundering and illegal fundraising.
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