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Huobi Pool Blocks Chinese Bitcoin Miners Amid Crackdown

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Sun, 05/23/2021 - 09:46
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Alex Dovbnya
Huobi Pool will no longer provide services to Bitcoin miners from China amid a crackdown on the industry
Huobi Pool Blocks Chinese Bitcoin Miners Amid Crackdown
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According to Chinese cryptocurrency blogger Colin Wu, Huobi Pool, a subsidiary of Huobi Group, will no longer sell mining machines and provide mining host services to Chinese Bitcoin miners.   

Notably, Filecoin miners will not be affected by the curbs.     

With a 4.90 percent share of the global hash rate, Huobi Pool is the seventh-largest Bitcoin mining pool, according to data provided by BTC.com. Its mining services remain online.   

Earlier this week, the Huobi Global exchange also barred all of its new Chinese users from trading derivatives due to regulatory pressure.    

Related
Bitcoin (BTC) Miners Might Be Leaving China. Is This Good or Bad?

As reported by U.Today, a Chinese regulator reiterated its plan to clamp down on Bitcoin mining and trading in a summary of its May 21 meeting, delivering a major blow to the market.  

Yet, some industry voices believe that China potentially banning Bitcoin mining will be a positive thing for the largest cryptocurrency since it will reduce BTC's carbon footprint and make it more decentralized.

Presently, all major Bitcoin mining pools are Chinese (save for Digital Currency Group's Foundry USA).                    

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.