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China’s cryptoasset ban forces mining pool Huobi to spin 100,000 bitcoins

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China’s crackdown on mining activities has triggered many decisions and actions. Many miners are already moving to the United States, the new mining hub, to continue their operations. Recently, the NDRC (National Development and Reform Commission) in China seized more than 10,000 mining rigs in Inner Mongolia.

The report even revealed that the operation was the 45th time the watchdog had performed such an operation. Given the losses suffered by miners as a result of these incidents, many forward-thinking companies are protecting their interests.

One such company that is taking proactive action is Huobi Global, an encryption exchange with millions of users, including Chinese citizens. The first step the company took was to restrict Chinese citizens on its platform.

As of now, residents of mainland China will no longer be able to access the platform. As a result, Huobi Global is currently transferring funds to meet clients’ retirement needs. There are also plans to phase out all Chinese accounts by December 31.

Miners Move Bitcoin to Meet Withdrawal Needs

Huobi Global is ranked 8th among the largest Bitcoin pools. However, now that they have restricted Chinese citizens, the miners must move their $ 4.21 billion in funds to meet retirement needs.

Aside from this movement of the Bitcoin fund, there were massive Ethereum wallet movements of 800,000 ETH, or $ 2.29 billion ETH whales, on September 26.

The actions of the Chinese government are wreaking havoc on many groups as many exchanges are no longer allowing new entrants to enter the market. The Huobi Global Stock Exchange is one of the stock exchanges affected by this development.

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