Crypto miners halt China business after Beijing cracks down, bitcoin tumbles

Crypto miners halt China business after Beijing cracks down, bitcoin tumbles
Cryptocurrency miners, including HashCow and BTC.TOP, have halted their China operations after Beijing intensified a crackdown on bitcoin mining and trading, hammering digital currencies amid heightened global regulatory scrutiny of them.

A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday as part of efforts to fend off financial risks. It was the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70 per cent of the world's crypto supply.

Cryptocurrency exchange Huobi on Monday suspended both crypto-mining and trading services to mainland Chinese clients, adding it will instead focus on overseas businesses.

BTC.TOP, a crypto mining pool, also announced the suspension of its China business citing regulatory risks, while crypto miner HashCow said it would halt buying new bitcoin rigs.

Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process which produces newly minted crypto currencies such as bitcoin.

“Crypto mining consumes a lot of energy, which runs counter to China's carbon neutrality goals,” said Chen Jiahe, chief investment officer of Beijing-based family office Novem Arcae Technologies.

The crackdown is also part of China's stepped-up drive to curb speculative crypto trading, he added.

Bitcoin took a beating after the latest Chinese move, and is now down nearly 50pc from it's all-time high. It shed as much as 17pc on Sunday, before paring some losses and was last trading steady in Asia.

Elsewhere, Ether fell to a two-month low on Sunday, down 60pc from a record peak hit just 12 days ago,

Investor protection and money laundering are particular concerns of global financial regulators who are grappling with whether and how they should regulate the cryptocurrency industry.

The latest shakeout in digital currencies also stems from tighter scrutiny in the United States. Last Thursday, US Federal Reserve Chairman Jerome Powell said they pose risks to financial stability, and indicating that greater regulation of the increasingly popular electronic currency may be warranted.

Huobi made the announcement via its official Telegram community for Huobi Mall, as well in a statement to Reuters. BTC.TOP and HashCow could not be immediately reached for comment



from latest-news - SUCH TV https://ift.tt/3fhEdSt

Comments

Post a Comment

Popular posts from this blog

Study in UK with Studyinuk.pk

Image
 Study in UK with Studyinuk.pk Study in UK with studyinuk.pk is a platform where your get all the latest information about Study in UK. www.studyinuk.pk is providing quality services for students to get UK admission and UK study visa. for more information about Study in UK , Scholarships in UK, Study in uk without IELTS please visit our website  www.studyinuk.pk . 
Read more

Tesla pulls games on moving car screens after US safety probe

Image
Electric carmaker Tesla Inc will stop allowing video games to be played on vehicle screens while its cars are moving, the US National Highway Traffic Safety Administration said on Thursday. The move follows an announcement by the NHTSA on Wednesday that it had opened a formal safety investigation on 580,000 Tesla vehicles sold since 2017 over the automaker's decision to allow games to be played on the front center touchscreen while they are in motion. This functionality, referred to as “Passenger Play,” may distract the driver and increase the risk of a crash, the NHTSA has said. Tesla has informed the NHTSA that a software update will lock the "Passenger Play" feature and make it unusable when the vehicle is in motion, a spokesperson for the agency said in a statement. "The NHTSA constantly assesses how manufacturers identify and safeguard against distraction hazards that may arise due to faults, misuse, or intended use of convenience technologies, including i...
Read more

Sania Mirza to quit tennis this year

Image
Indian former doubles world number one Sania Mirza said on Wednesday she will retire from tennis at the end of this season with injuries taking their toll. It came after the 35-year-old, regarded as her country's greatest women's tennis player, bowed out of the Australian Open in the first round with her partner Nadiia Kichenok of Ukraine. “I have decided this will be my last season. I'm taking it week by week, not sure if I can last the season, but I want to,” she told press in Melbourne, in comments later confirmed to AFP by her father. “I still feel I can play well, go deep into tournaments and all that. But beyond this season, I don't see my body do it either. It's beat.” Mirza, who has won six Grand Slam doubles titles, is paired with America's Rajeev Ram in the mixed doubles at the Australian Open. They play on Thursday in the first round. Mirza, who is married to former Pakistan cricket captain Shoaib Malik, last won a women's doubles title at ...
Read more

Petrol may go up by Rs25, HSD by Rs40

Image
The federal government is mulling over a plan to cut subsidies on petroleum products in phases -- Rs25 per litre on petrol and Rs40 per litre on high speed diesel (HSD) in the first one -- in a bid to reduce the volume of the mounting price differential claims. The prices of petrol and high speed diesel (HSD) will jump up to Rs195 per litre and Rs230 per litre respectively, if the federal government withdraws all the subsidies on them at once. The subsidies on petroleum products continue to swell because of higher global oil prices and depreciation of the local currency against the US dollar that may lead to a higher budget deficit. In addition, the government is also facing problems of balance of payment and wants to avail the International Monetary Fund (IMF) bailout package. Sources said that government is currently giving a subsidy of Rs29.60 per litre on petrol. This volume may rise by Rs45.14 per litre if the government continues to keep the oil prices unchanged from the 16...
Read more

Study in the UK Without IELTS: Your Pathway with Study Icon Murree Consultancy

Image
  Study in the UK Without IELTS Study in the UK Without IELTS: Your Pathway with Study Icon Murree Consultancy   Navigating the world of international education often brings up questions about language proficiency tests. The good news? For those eyeing the UK, there's a way to sidestep the traditional IELTS requirement. Dive into this expert guide to discover how Study Icon Murree Consultancy can be your bridge to UK universities without the IELTS hassle.   WhyStudy in the UK? Global Recognition: UK degrees are globally respected, opening doors to international career opportunities. Diverse Courses: From business to arts, the UK offers a myriad of courses tailored to diverse interests. Cultural Exposure: Immerse in the UK's rich history, modern cities, and diverse culture while pursuing your studies.   How Can You Study Without IELTS? While many UK universities require IELTS scores, several institutions offer exemptions based on: ·  ...
Read more

New on Sports Illustrated: SEC Moving Closer To Conference Only Schedule

ACC tweets out 2020 college football schedule to include Notre Dame With the coronavirus pandemic moving full speed ahead, we still don't know if there will be a college football season but we do know that each conference is only looking out for itself.  On Wednesday the ACC tweeted out its 2020 football schedule making big moves with the inclusion of Notre Dame. They also announced a desire to play one non-conference game but did not identify who that school would be. They did however announce it had to be another in-state school a subtle nudge at the SEC. Sports Illustrated's host Kaitlin O'Toole is joined by SI's national writer Pat Forde for more conference details. FOR CONTENT FROM SPORTS ILLUSTRATED:  MLB's Disaster Offers a Warning to Other Returning SportsEddie Edwards’s Long Road in Wrestling Leads to Second Impact Title ReignDoes LeBron James Have Anything to Prove In the Bubble?Without Justin Verlander, Where Do Astros Go From Here? C helsea, Lampa...
Read more

New on Sports Illustrated: Looking Back at Nick Saban's Impact on LSU

Image
In an excerpt from 100 Things LSU Fans Should Know & Do Before They Die, Ross Dellenger and Ron Higgins look back at Nick Saban's coaching career with the Tigers ahead of his induction into the Louisiana Sports Hall of Fame in December 2020. The following excerpt of 100 Things LSU Fans Should Know & Do Before They Die, by Ross Dellenger and Ron Higgins, is presented with permission from Triumph Books. For more information or to order a copy, please visit Triumph Books , Bookshop.org , Amazon or Barnes & Noble . When Nick Saban arrived in Tuscaloosa by private plane in January 2007 after agreeing to become Alabama’s coach, he was mobbed by adoring fans. But when he arrived in Baton Rouge in late November 1999, at his introductory press conference announcing him as LSU’s coach, the reception was “Who’s Nick Saban, and why is LSU paying him $1.2 million a year?” “I couldn’t believe the response and the attitude people had toward me,” Saban said. “I felt like there we...
Read more

FIA files case against Jahangir Tareen in sugar scam, money laundering

Image
The Federal Investigation Agency (FIA) has filed two FIRs against Jahangir Tareen and two other family members in sugar scandal and money laundering charges, on Wednesday. FIA Lahore registered cases against CEO of JWD Sugar Mills, Jahangir Tareen, his son Ali Tareen and son-in-law in the sugar scam. “Over three billion rupees money laundering made by showing investment in a closed factory,” according to the FIR. The investigation agency has also charged Tareen and others for illegal hoarding of sugar, misappropriation and cheating in the FIR. CEO of JWD Sugar Mills in an act of forgery transferred 3.14 billion rupees to a closed company, the FIR read. “In year 2011-12 over three billion rupees were transferred to Farooqi Pulp Milk Ltd,” according to the case. In year 2011-12 Tareen and family members also purchased dollars from the open market. His nominees transferred over seven million dollars to overseas for purchase of properties,” according to the FIR. The FIA in another ...
Read more

Apple unveil one or more new iPhones which use ultrafast 5G wireless technology

Image
A media event for October 13 amid expectations it would unveil one or more new iPhones which use ultrafast 5G wireless technology. The event comes a month after Apple disappointed some fans with a September event which unveiled new service bundles but no new smartphone. Apple, which has habitually unveiled new iPhones ahead of the holiday season, has said supply chain disruptions due to the pandemic have delayed its plans for product launches by several weeks. A notice posted on Apple's website offer no specific clues but included the message, “Hi, Speed,” in an apparent reference to the faster wireless networks being introduced in many parts of the world. Across the board we are seeing an uptick around production and pent up demand for the slate of iPhone 12 models (expecting 4 new models) set to be unveiled next week in this launch event,” said Daniel Ives at Wedbush Securities. Ives said he is expects strong demand for the new handsets with consumers looking to upgrade ol...
Read more

PM Imran Khan launches spring tree plantation drive

Image
Prime Minister Imran Khan launched Spring Tree Plantation Drive 2022 in Islamabad today (Tuesday) on the occasion of World Scout Day. Following planting 1.4 billion trees under ten billion tree Tsunami program, a target of planting five hundred and forty million trees has been set for the spring tree plantation campaign. Seven hundred and fifty thousand scouts of Pakistan Boy Scouts Association will also participate in this drive to achieve the target. from latest-news - SUCH TV https://ift.tt/PGbvLst
Read more