Chinese Bitcoin miners are scrambling to shift or shut operations after the latest round of ‘crypto FUD’ initiated by the government, a report on news outlet Reuters said today.
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.
Mining, 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 ‘proof of work’).
