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Crypto miners halt China business after Beijing cracks down, bitcoin dives

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Reuters

SHANGHAI (Reuters) -Cryptocurrency mining operators, including a Huobi Mall and BTC.TOP, are suspending their China operations after Beijing stepped up its efforts to crack down on bitcoin mining and trading, sending the digital currency tumbling. A State Council committee led by Vice Premier Liu He announced the crackdown late on Friday – the first time the council has targeted virtual currency mining, a big business in China that accounts for as much as 70% of the world’s crypto supply. Crypto miners use increasingly powerful, specially-designed computer equipment, or rigs, to verify virtual…

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