BITCOIN

China’s embargo on crypto-assets forces Hubby Mining Pool to turn over 100K bitcoins


China’s crackdown on mining has sparked many decisions and actions. Many miners are already moving to the new mining hub in the United States to continue their activities. Recently, China’s NDRC (National Development and Reform Commission) seized more than 10,000 mining plants in Inner Mongolia.

Reports even revealed that Operation 45 wasM At that time the watchman did such a thing. In the face of the loss of miners in the wake of this incident, many forward-thinking companies are defending their interests.

One of such companies to take proactive action is Hubi Global, a crypto exchange with millions of users, including Chinese nationals. The first step the company took was to restrict Chinese citizens to its platform.

Related Reading | New to Bitcoin? Learn to trade crypto through NewsBTC trading course

Now, residents of mainland China can no longer access the platform. As a result, Hubby Global is currently transferring funds to meet customer withdrawal needs. Also, it plans to gradually close all Chinese accounts until December 31st.

Miners support the need to remove bitcoin

Hubby Global ranks eighth among the largest bitcoin pools. However, now that they have restricted Chinese citizens, miners have to Move Their funds are 4. 4.21 billion to meet the withdrawal demand.

Bitcoin is now gradually recovering its previous losses | Source: BTC/USD on TradingView.com

In addition to this bitcoin fundraising movement, there was a massive movement from the Ethereum Wallet on September 26th, amounting to 800,000 ETH or $ 2.29 billion ETH whales.

Related Reading | The mine returns a huge sum of 7,626 etherium, misplaced by Bitfinex

The Chinese government’s crackdown is causing havoc in many pools as many exchanges no longer allow new entrants. Among the exchanges affected by this development is the Hubby Global Exchange.

Featured Image by Pexels - Charts by TradingView





Source link

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button