Cryptocurrency mining operators, including Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on Bitcoin mining and trading, sending the digital currency tumbling.
A State Council committee led by Vice Premier Liu He announced the efforts late on Friday – the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70 percent of the world’s crypto supply.
Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual coin transactions in a process that produces newly minted cryptocurrencies such as Bitcoin.
NOTE: By Clicking in the “MORE” Link You Will be Leaving CardBuzz or Sites Owned and Operated by Ruebud Media. While CardBuzz Carefully Selects Articles Published by Established and Credible Sources We Are Not Responsible for 100% Accuracy of Third-Party Content. Any Opinions Offered within the Content Are Solely by the Source and not CardBuzz or its Affiliates or Partners.
CardBuzz Focus Areas: e-commerce; m-commerce; m-wallets; biometrics; cryptocurrency; artificial Intelligence; blockchain; fintech; fraud; NFC; POS; NFC; EMV; P2P; credit cards; debit cards; charge cards; prepaid cards; cross-border; cybersecurity; processing; consumer banking; loans; debt; insurance; mortgage; investing; saving; debt collection; sub-prime; consumer confidence; business confidence; investor confidence;
OTHER RELATED SERVICES:
PYRPTS (global payment reports)
PYVNTS (global payment events)
BankCenter (payment news releases)
CardFlash (payment executive news)
CardTrak (consumer payment news)
CardData (quarterly payment data)
CardBuzz is a Division of Ruebud Media, Inc.