BIT Mining’s Subsidiary BTC.com to Exit Mainland China
The announcement comes shortly after Antpool, the largest bitcoin mining pool by hashrate, said it will block internet access from mainland China.
Oct 15, 2021 at 11:34 a.m. UTC:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/BYVMPV34R5CPBFSOE4AQ3RUH2M.jpg)
China (Shutterstock)
Jamie Crawley is a CoinDesk news reporter based in London.
BTC.com, the mining pool subsidiary of BIT Mining (NYSE: BTCM), will exit mainland China in response to the ongoing crackdown on the crypto industry in the country.
- Starting today, BTC.com will stop registering new users and also expects to start closing the accounts of existing users, BIT Mining announced Thursday.
- While warning that the withdrawal may have an adverse impact on its financial statements, BIT Mining is optimistic that growth in other markets will offset the loss of business from China.
- Antpool, the largest bitcoin mining pool by hashrate, also said it will block internet access from mainland China.
- At the time of writing, NYSE-traded BIT Mining’s share price was up 4.3% in pre-market trading.
- However, the price move could be due to bullish movement in the crypto market, with bitcoin’s pricing nearing $60,000 for the first time since May. The jump has been attributed to news that the U.S Securities and Exchange Commission could at last approve the listing of a bitcoin exchange-traded fund.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
:format(webp)/www.coindesk.com/resizer/Wsw21Z13uYNeMwlEy09fcHX_LHw=/arc-photo-coindesk/arc2-prod/public/Z2G3HHMTVJGWRAQIH4UHCT3FEY.jpg)
Jamie Crawley is a CoinDesk news reporter based in London.
Learn more about Consensus 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.
Jamie Crawley is a CoinDesk news reporter based in London.
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KYHTJ5S6INFPTBVEHBGIBD2TQY.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KJ5ITMY4XNAYTHL5IQWFORHKFQ.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/ZICXWNHOGVH5DMUFXTKUSHQHQA.jpg)
:format(webp)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/TDBU32VGARCKHBIALKF7BOUFGI.png)