The Chinese crackdown on mining activities has awakened a lot of decisions and actions. Many miners are already trooping to the US, the new mining hub, to continue their operations. Recently, the NDRC (National Development & Reform Commission) in China seized more than 10,000 mining rigs in Inner Mongolia.
The report even disclosed that the operation was the 45th time that the watchdog has carried such out. Given the losses that miners incur in the wake of these incidents, many forward-thinking companies are protecting their interests.
One of such companies to take proactive action is Huobi Global, a crypto exchange with millions of users, including Chinese citizens. The first step the company took was to restrict the Chinese citizens on its platform.
Related Reading | New To Bitcoin? Learn To Trade Crypto With The NewsBTC Trading Course
Now, mainland china residents can no longer access the platform. As a result, Huobi Global is currently moving funds to fill the withdrawal needs of the clients. Also, it plans to stop all Chinese accounts gradually until December 31.
Miners Move Bitcoin To Support Withdrawal Needs
Huobi Global is occupying the eighth position amongst the largest Bitcoin Pools. However, now that they’ve restricted Chinese citizens, the miners have to move their funds worth $4.21 Billion to meet the withdrawal needs.
Bitcoin is now gradually recovering its previous losses | Source: BTC/USD on TradingView.com
Apart from this Bitcoin fund movement, there were massive movements from Ethereum wallets on September 26, amounting to 800,000 ETH or $2.29 billion from ETH whales.
Related Reading | Miner Refunds The Giant Sum Of 7,626 Ethereum Mistakenly Sent By Bitfinex
The crackdown from the Chinese government is causing havoc in many pools as many exchanges are no longer allowing new entrants. The Huobi Global exchange is amongst the exchanges affected by this development.
Featured Image by Pexels - Charts by TradingView
Note: This article have been indexed to our site. We do not claim ownership or copyright of any of the content above. To see the article at original source Click Here
MontNorth Collapsible Basin Bucket,9L Collapsible Dishpan with Drain Plug for Kitchen Sink,5L Portable Foldable Small Plastic Water Supplies for Outdoor Garden Camping Fishing Car Wash(Sets of 2)
$16.99 (as of November 20, 2024 18:57 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Cher: The Memoir: Part One of a Two-Part Memoir from the Iconic Artist and Actor
$25.18 (as of November 20, 2024 19:20 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
SmileBelle Daisy Pearl Necklace, Dainty Pearl Choker Necklace for Women as Flower Necklace, 14K Gold Plated Stainless Steel Gold Necklaces as Christmas Stocking Stuffers for Girls Daisy Costume Gift
$9.99 (as of November 20, 2024 18:57 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
Stanley IceFlow Stainless Steel Tumbler with Straw - Vacuum Insulated Water Bottle for Home, Office or Car Reusable Cup with Straw Leak Resistant Flip Cold for 12 Hrs or Iced for 2 Days (Rose Quartz)
(as of November 20, 2024 19:20 GMT +00:00 - More infoProduct prices and availability are accurate as of the date/time indicated and are subject to change. Any price and availability information displayed on [relevant Amazon Site(s), as applicable] at the time of purchase will apply to the purchase of this product.)
