Wednesday, June 19, 2024

Huobi Shuts Its Bitcoin Mining Services Amid Chinese Government Measures

Bitcoin and cryptocurrency exchange Huobi has suspended its Bitcoin cloud mining services in response to the latest crackdown on digital mining activity by the Chinese government.

According to local media, the company reported the suspension of these services through its group on the Chinese social network QQ. However, a company spokeswoman has denied the reasons for the suspension.

“In order to be more focused on expanding our presence abroad, we will currently suspend the provision of related services for new users in mainland China. For existing users, updated information and details will be announced shortly, “were the words of the Huobi spokesperson, reviewed by the South China Morning Post on Monday morning, May 24.

In parallel, the same source notes that Huobi has not ceased its own Bitcoin mining activities. Your pool or group of miners, Huobi Pool, will continue its operations as normal.

Currently, Huobi Pool is one of the top 10 Bitcoin mining pools, according to data from . In a span of a week, the exchange’s group of miners has had more than 5% of the network’s hash rate , a percentage that has even reached 7% in the last 24 hours.

Huobi’s suspension of mining services comes shortly after the Chinese government’s intention to crack down on mining activity on its territory was announced. The persecution has reached the point that the province of Inner Mongolia has called on its citizens to accuse those who practice digital mining .

In percentage, the majority of the bitcoin hash rate is in pools of Chinese origin. And to the recent measures of the Asian giant government against miners is added a new ban on the use of cryptocurrencies for institutions and payment gateways.

Fall of processing power in Bitcoin
To this scenario must be added the rainy season in the Asian country, which has caused the disconnection of many machines to be relocated in other regions of China. In this context, the accumulated processing power of Bitcoin has fallen in recent days, after having peaked at 180 EH / s.

As CriptoNoticias reported earlier this Monday, for now that fall has not generated a great congestion of transactions on the network, but pending the next difficulty adjustment, this situation could change in the next few hours.

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