David Pan was a news reporter at CoinDesk. He previously worked at Fund Intelligence, and interned at the Money Desk of USA Today and the Wall Street Journal. He does not hold investments in cryptocurrency.
Beijing-based Bitmain will also move most of its production out of southern China and into other countries in response to the latest government crackdown, sources said.
The world’s second-largest Ethereum mining pool initially had stopped providing services to new Chinese users, but has expanded its suspension to all users.