Mclouds announced its withdrawal from China by the end of December this year
Chinese blockchain news outlet 8BTCnews has tweeted that one of the biggest miner hosting company in China, Mclouds, will be shutting down their services for customers in mainland China and will withdraw from the region by December 31.
Another big miner leaving China
A source quoted by 8BTCnews said that today, October 18, Mars Cloud Mine, which is part of the giant Mclouds, announced that it will withdraw mining assets and services from mainland China before the end of December, at the following the recent ban on crypto mining activities and crypto transactions in the country.
The platform provides solutions for Bitcoin and ETH mining, as well as for Filecoin.
China takes on crypto mining again
As previously reported by U.Today, China had imposed a new ban on cryptocurrency mining and trading, announcing that all crypto transactions in the country were illegal.
Multiple crypto exchanges are withdrawing, relocating from China or are shutting down their business completely.
The same is happening with mining pools. Creative mining giant Bitmain has announced that it will stop supplying mining machines to its customers in mainland China. One of its major mining pools, BTC.com, has followed the suit and another mining giant Antpool has suspended access to its services from Chinese IP addresses.
US overtakes China with Bitcoin hashrate
The United States has now officially become the first destination for minors leaving China, according to CNBC. As per the article, the leadership of the US for miners has drastically increased by 428% since September last year.
London fintech expert Boaz Sobrano, quoted by CNBC, said the days when China controlled the lion’s share of Bitcoin’s hashrate are over. The US has now taken its place.
Some miners are also fleeing from China to Kazakhstan, however, experts believe this is only a temporary stopover for them.
Energy provided by this country is coal-based and next year the local government plans to impose taxes on crypto mining companies.
