China bitcoin mining: Huobi suspends domestic bitcoin mining amid global sell-off, wider Beijing scrutiny

  • Huobi has become one of the first Chinese-founded cryptocurrency exchanges to halt its domestic bitcoin mining operation
  • China’s State Council announced last Friday a further crackdown on bitcoin mining and trading

Huobi’s office in Beijing as seen on May 9, 2014. Photo: Simon Song

Cryptocurrency exchange Huobi has suspended bitcoin mining services and sales of mining equipment in mainland China, becoming one of the first Chinese-founded platforms to do so, as the price of bitcoin continues to fall after the central government announced a crackdown.

“In order to be more focused on the expansion of our overseas presence, we will currently suspend provision of related services for new users in mainland China. For existing users, updated information and details will be announced shortly,” a spokeswoman at Huobi said in a statement to the South China Morning Post on Monday.

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