Miners began to leave China due to the tough position of local authorities

Two cryptocurrency mining companies BTC.TOP and HashCow have already stopped working in the country. Crypto Exchange Huobi Announces Suspension of Serving Customers from Mainland China.

Cryptocurrency miners have begun to halt operations in China due to a recent call from local authorities to tighten policies on mining and trading cryptocurrency. Reuters .

According to the publication, the mining of digital currencies has already been suspended by two large companies – BTC.TOP and HashCow. Crypto exchange Huobi also announced the suspension of cryptocurrency mining and customer service from mainland China.

“Cryptocurrency mining consumes a lot of energy, which runs counter to China’s carbon neutrality goals,” explained Chen Jiahe, chief investment officer at Novem Arcae Technologies in Beijing.

May 21 on the need to take measures against of mining and kriptotreydinga said Vice-Premier of the State Council of China Liu He. He called for tougher regulation of the mining and trade of cryptocurrencies in China, but did not outline specific measures.

Today, May 24, the Chinese government news agency Xinhua published an article “Urgently Eliminate the Hype and Chaos Around Virtual Currency,” which highlighted four risks associated with trading and using cryptocurrencies: market, transactional, technological and legal.

Amid calls from the Chinese authorities to tighten regulation of digital currencies, the value of bitcoin fell by 12%, the main cryptocurrency is trading at $ 36.6K, according to CoinGecko.