Wednesday, October 27, 2021

Huobi miners transferred 100,000 BTC after bans in China

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According to data provided by IntoTheBlock, Huobi Bitcoin mining pool is the eighth largest mining pool in the world, has transferred 100,000 BTC following the Chinese government’s latest crackdown on the cryptocurrency industry.


Huobi miners transferred 100,000 BTCData provider IntoTheBlock,The world’s eighth-largest Bitcoin mining pool, Huobi, has announced that it has processed massive Bitcoin transfers after Chinese authorities recently tightened its cryptocurrency regulations.


The pool shifted 100,000 BTC, which equates to $4.21 billion in fiat. This,It was recorded as the largest amount transferred by miners since the end of December 2017, when Bitcoin reached an all-time high of around $20,000.
Analysts say that this massive Bitcoin transfer,While moving BTC from exchanges to cold wallets, Huobi believes it may have been made to meet the withdrawals requested by its customers.


Huobi bids farewell to all its customers in ChinaAs we reported before, the two largest cryptocurrency exchanges Huobi and Binance are currently facing stiff pressure from the Chinese authorities.Over the weekend, news broke first that Huobi will suspend new customer registrations in China. The next day, the platform announced that it would gradually stop serving all its users in the region.


Like Huobi, the world’s largest crypto exchange Binance also banned new users from China from signing up to their platform.Chinese stock markets shut down but resigned employees rehired. According to Chinese crypto journalist Colin Wu, it’s not just Huobi and Binance that are facing regulatory pressure in China. BiKi exchange, in which Huobi co-founder DuJun invested, announced that it will be closed on November 30.Colin Wu also announced the closure of several Chinese exchanges besides BiKi. However, other companies, which saw this as an opportunity, started to offer offers to employees who resigned from these platforms.
Software engineers are especially preferred by companies in the cryptocurrency industry.

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