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Influencers including Addison Rae and Griffin Johnson backed the zero carbon footprint Gryphon Digital Mining

The carbon footprint of the Bitcoin network has been headline news quite frequently this year. With the University of Cambridge estimating an annual electricity consumption of 115 TWh for Bitcoin – which is more than the Netherlands – it’s important how that power is produced.

This is something that many influential figures in crypto are already aware of. Jack Dorsey’s Square recently announced plans to invest in a solar-powered Bitcoin mining facility, and Elon Musk, who contributed to Bitcoin price volatility by tweeting environmental concerns, last month teamed up with MicroStrategy CEO Michael Saylor to help form the Bitcoin Mining Council, which aims to accelerate sustainability.

The latest push towards sustainability comes from Gryphon Digital Mining, which plans to bring to the public markets the first 100% renewable energy Bitcoin mining company. It announced yesterday that it had merged with software company Sphere 3D, with the backing of global influencers SwagBoyQ, Bryant Eslava, Griffin Johnson, Addison Rae and The Rae Family.

Gryphon mines Bitcoin with low-cost hydroelectric power and plans to branch out to other renewables, including wind, nuclear and solar power. Shareholders of Gryphon are expected to become controlling shareholders of Sphere 3D, which trades on the Nasdaq under the ticker ANY.

The venture will be greatly helped by the investment of the TikTok and Instagram influencers, who between them reach an audience of hundreds of millions of followers.

One of the most followed people on the internet, Addison Rae, said, “Sustainability is so important to me and my family. We are excited to be part of Gryphon, a company that uses 100% renewable energy to drive innovation in blockchain technology.”

Gryphon sets itself apart from other companies aiming to offset their carbon footprint by virtue of its zero carbon footprint business model. As one of the first companies to join the Crypto Climate Accord, Gryphon was committed to becoming carbon-neutral by 2030 – a goal which it has already achieved this year.

TikTok influencer Griffin Johnson commented, “Crypto is shaping the future of currency and as a young entrepreneur I want to make sure I am a part of that shift with the best in the business.”

The firm has also publicly committed to environmental, social and governance principles – criteria which are increasingly important to the modern investor.

The post Renewable Bitcoin mining firm backed by global influencers appeared first on Coin Journal.

The FBI reportedly used blockchain tools to track the 75 bitcoins as hackers moved them through several wallets.

The US Justice Department has seized $2.3 million worth of Bitcoin from a wallet that hackers used to receive a ransom from Colonial Pipeline Co, Deputy Attorney General Lisa Monaco said on Monday.

Colonial Pipeline reportedly paid 75 bitcoins valued at $5 million on 8 May. According to the Justice Department, investigators had recovered 63.7 bitcoins, worth about $2.3 million.

“Ransom payments are the fuel that propels the digital extortion engine, and today’s announcement demonstrates that the United States will use all available tools to make these attacks more costly and less profitable for criminal enterprises,” Monaco said in a press release published by the Justice Department.

The recovery follows a crackdown by US authorities, with the hack that led to the ransom described as the most disruptive cyberattack in the country. Last month, hackers breached Colonial’s security systems and caused a massive shortage of gas on the US East Coast.

The attack saw an extended shutdown of operations at the company. Gas prices ballooned amid panic buying and shortages.

“We will continue to target the entire ransomware ecosystem to disrupt and deter these attacks,” Monaco added during a news conference.

FBI links hackers to Russia-based DarkSide group

An affidavit filed in court on Monday shows that the bitcoins were recovered after the FBI accessed the private key to the Bitcoin wallet the attackers used. Although investigators did not specify how they got the private key, court documents show that the address was accessed in the Northern District of California and is connected to the DarkSide group.

“There is no place beyond the reach of the FBI to conceal illicit funds that will prevent us from imposing risk and consequences upon malicious cyber actors,” said Deputy FBI Director Paul Abatte.

According to the FBI, DarkSide is a Russia-based hacker group that allegedly carries out its attacks in collaboration with other hacker groups, which is seen as an attempt to victimise as many targets as possible.

It is estimated nearly 90 companies in the US have fallen victim to the group, including healthcare providers and manufacturers.

The post US Recovers $2.3M Bitcoin Ransom Paid To Hackers appeared first on Coin Journal.

A recent survey shows that 40% of Australian millennials trust crypto as an investment option

A research by US-based crypto exchange firm Kraken has revealed that young Australians are subscribing to the idea of cryptocurrency. The report additionally disclosed that millenials do not trust traditional investment platforms as much as people did in the past. About one in every four people who participated in the survey attributed their newfound love for crypto to the decreasing value of money in the conventional saving platforms.

The study showed that 22% of Australians would rather use crypto to save for a mortgage rather than employ the services of a bank. 40% of millennials (born between the 80s and 90s) consider crypto a better investment option as compared to purchasing a property.

The change of heart towards crypto, however, hasn’t been limited to just millennials. 31% of those born between the mid-60s and the early 80s (Gen X) and about 25% of Gen Z participants expressed similar sentiments. The older Aussie population, on the other hand, remain firm in their strong opinions against cryptocurrencies. Half of the baby boomers responded to the survey saying that they are yet to take up any kind of crypto investments because crypto-assets tend to show volatility.

The research also indicated that the growth of crypto among Aussies is yet to peak, with 85% of the respondents who are already invested in crypto indicating a willingness to invest further. These are promising numbers considering that 20% of the survey participants have ever owned crypto, with 14% of them being currently active owners.

Jonathon Miller, the firm’s managing director in Australia, explained that the current growth seen in the country has been primarily driven by millennials. The young Aussies are unable to venture into property investments due to their expensive nature. He further stated that he expected many Australians to become more receptive to the idea of investing in digital assets but even so, crypto education is still much needed.

Speaking of growth, Monochrome Asset Management is recording a spike in interest. The growth fund which provides Bitcoin exposure to wholesale investors has now, according to its CEO Jeff Yew, received inquiries from the large wealthy groups in Australia.

Yew also told Stockhead that institutions in the country lag in adopting crypto due to murky regulations. He explained that Monochrome intends to fill this void and lead the country towards increased crypto adoption. All this is happening as the Australian government is seeking to embrace crypto with a senate inquiry receiving suggestions of how best to regulate crypto in the country.

The post Cryptocurrencies gaining interest among millennials in Australia appeared first on Coin Journal.

Investment manager Ruffer has revealed it made a profit of over $1 billion in less than six months

The flagship cryptocurrency attracted a lot of institutional interest in the second half of last year, with many sold on the idea of Bitcoin as a hedge against inflation and turned their focus to the digital asset. Like retail investors, some institutions got in on Bitcoin for the long term, while a few others opted for short-term positions.

Wealth manager Ruffer is among the big names that chose to become short-term sellers. According to a report by The Sunday Times, the London-headquartered firm recorded a $1.1 billion gain from a $600 million Bitcoin purchase made in November last year. The acquisition represented 2.5% of the company’s portfolio at the time.

The asset management company revealed yesterday that it had cashed out more than $1 billion by progressively selling portions of its Bitcoin holdings. Speaking to the Times, the company’s investment director Hamish Baillie said that the company started selling its holdings towards the end of last year and continued until April, when it sold the last batch.

“When the price doubled, we took some profits for our clients in December and early January,” Baillie said. We actively managed the position, and by the time we sold the last tranche in April, the total profit was slightly more than $1.1 billion.”

The timing to get in and out of the Bitcoin market couldn’t have been any better for Ruffer, considering Bitcoin was starting its rally in November. The cryptocurrency was exchanging hands at just above $15,000 at the time the company made the purchase. This figure had surged to around $40,000 when the company started taking profits.

Baillie explained that the decision to sell was partly driven by the relaxation of COVID-19 restriction measures such as lockdowns. The company believed that investors were going to turn their attention to other things besides crypto trading when normality returned. The profits gained from the Bitcoin investment have since been directed into other assets like inflation-linked government bonds.

He predicts that other financial firms around the world will take significant positions on the crypto asset. Although Ruffer itself is not keenly looking to make more Bitcoin trades at present, it hasn’t entirely closed the window on the same. Judging by Baillie’s words, the wealth manager may well be convinced to get back into Bitcoin at some point in the future.

The post Ruffer realised a $1.1B profit from Bitcoin investment appeared first on Coin Journal.

May was a tough month for the cryptocurrency market, with 2021’s historic rally seemingly running out of steam. However, interest in digital assets remains high, and the “bloodbath” market of last month has given investors the opportunity to scoop up some cheap coins. We’ve taken the time to round up the five best cryptocurrencies to buy in June 2021 to help you capitalise on a potential recovery and resumption of the bull run.

1. Cardano (ADA)

Cardano (ADA) rallied by 10% this weekend as many other altcoins languished, with speculators attributing the surge to strong fundamentals and some exciting features being realised on the blockchain. IOHK, the company behind ADA, recently announced its plans to roll out the “Alonzo” hard fork.

🚀 The Big Mover of the week – $ADA

ADA overtook $USDT by the number of users in April!

The # of users trading @Cardano has increased by 15 times over the ½ of 2021

Start trading now on CEX·IO > https://t.co/vVNe3vHBZO 

For more info about ADA visit https://t.co/pCsMrRcGoJ

— CEX.IO (@cex_io) May 30, 2021

The fork will allow for smart contract functionality on the Cardano blockchain — perhaps the most eagerly anticipated upgrade to date. Supporters of the project will argue that ADA can now fully compete with tokens like Ethereum (ETH) and Binance Smart Chain (BNB), where smart contracts have enabled decentralised finance (DeFi) to grow at an astonishing pace over the last year.

If the update goes to plan, there is a serious possibility that Cardano could unseat Ethereum and become the leader in the smart contract space. ADA’s blockchain is arguably more efficient, and the coin has an army of loyal supporters and developers. If you buy ADA now, you could see a huge potential return this summer if the upgrades go to plan.

Buy Cardano Today >

2. Ethereum (ETH)

Ethereum, the second-largest cryptocurrency by market cap, is another candidate for the best cryptocurrency to buy in June 2021. Expert analysts believe that Ethereum’s advanced functionality, as well as the hype surrounding non-fungible tokens (NFTs) and DeFi, could help it overtake Bitcoin to become the top dog in the crypto sector. Another huge potential driver is an upgrade called EIP-1559.

EIP-1559 is expected to go live July 2021 👀 #LetItBurn pic.twitter.com/2xA9XHaNlP

— Bankless 🏴 (@BanklessHQ) March 5, 2021

EIP-1559 is an update scheduled to go live in July, which has many investors extremely excited. The upgrade will cause transaction fees to be “burned” instead of being awarded to miners. This will, in theory, cause the supply of Ethereum to shrink over time. This will be hugely attractive to Bitcoin investors, who are largely drawn in by the currency’s limited supply.

According to the fundamental laws of economics, if the supply of ETH goes down while the demand remains high, then the price will rise accordingly. It doesn’t take a rocket scientist to see huge potential for profits here.

Buy Ethereum Today >

3. Ripple (XRP)

Ripple (XRP) is showing a very positive outlook for June, as it appears to be gaining the upper hand in its long battle with American regulators. The Securities and Exchange Commission (SEC) was recently denied access to private documentation pertaining to Ripple Labs’ legal status, marking another win for XRP in the $1.3 billion lawsuit.

SEC motion denied. This is great for #XRP pic.twitter.com/TBFz49r0GR

— Cryptonormzy (@cryptonormzy) May 31, 2021

This was followed last week by news that Ripple Labs plans to go public. Brad Garlinghouse, the CEO, did not offer a specific time frame for the IPO, but the announcement alone has already generated a huge amount of hype. Ripple would be the second major company in the crypto space to go public after Coinbase’s highly successful public offering earlier this year.

This makes XRP potentially suited to the “buy the rumour, sell the news” technique. Analysts predict that confirmation of an IPO would send the price of the XRP token through the roof, so shrewd investors may want to get in now before the masses realise the profit potential here.

Buy Ripple Today >

4. Polygon (MATIC)

The Polygon Network has seen a host of bullish developments over the past few weeks, and this looks set to translate into price action for this summer as well. Polygon’s token, MATIC, is up by over 9,000% in 2021, and the coin is tipped by many to be one of the next generation of huge gainers in the crypto space. MATIC was an anomaly last month in that it maintained a bullish trend while the rest of the crypto market endured a massacre.

Polygon (MATIC) Price. Source: CoinMarketCap

Last week, billionaire investor and owner of the Dalla Mavericks, Mark Cuban, announced that he had invested in the company. A huge supporter of NFTs, the wildly successful Cuban believes that Polygon will be a central player in the development of crypto’s Layer 2 ecosystem. Polygon is still an extremely young project, so investors looking for the best cryptocurrency to buy in June should certainly consider investing in the “next Ethereum”.

Buy Polygon Today >

5. Bitcoin (BTC)

After the widely-publicised Bitcoin slump of last month, with negative comments from Tesla CEO Elon Musk causing alarm amongst retail investors, some readers may be surprised to see BTC on this list. However, rather than the beginnings of a bear market, investors may be looking at the final opportunity to buy Bitcoin for under $40,000. This is largely due to the upcoming Taproot upgrade.

What is #Taproot? pic.twitter.com/KVgJ9oYUx4

— Root 🥕🟩 (@therationalroot) May 18, 2021

According to projections, the Taproot upgrade should be locked in as soon as 10 June, meaning that investors have just a few days to invest if they want to beat the crowds by acting quickly on the news. Additionally, the SEC is now officially reviewing two Bitcoin exchange-traded funds (ETF) for the US market. Macro investor Raoul Pal believes that an ETF approval will be “rocket fuel” for this Bitcoin bull run.

Buy Bitcoin Today >

Where to buy cryptocurrency in June 2021

eToro

eToro is arguably the most recognisable online broker out there, and is one of our top picks for buying cryptocurrency. With over 13 million customers and a huge range of coins to trade, eToro is one of the safest bets for both new traders and veterans alike.

Register here > 

Coin Kong

Coin Kong is one of our most trusted partners for non-US users. With hundreds of coins available, from the big names such as Bitcoin and Ethereum to the more obscure tokens, Coin Kong allows you to start your cryptocurrency investment journey after a simple sign up process.

Register here >

The post Best cryptocurrencies to buy in June 2021 appeared first on Coin Journal.

Here is a summary of the top stories in the cryptocurrency sector this month

Beijing Intensifies the War on Crypto Mining

China has renewed its efforts against crypto mining in the country, with Bitcoin miners suffering as the biggest casualties. Reuters reports that all of Huobi, HashCow, and BTC.TOP have set in place measures in response to the government action. A cabinet resolution led by Vice Premier Liu He announced the planned crackdown last week on Friday.

The State Council Committee further revealed that the fight against crypto mining was meant to thwart the financial risks posed by the activity. Huobi stated on Monday that it intended to halt all operations in the Asian country, shifting its focus to other markets. HashCow, on its end, reported that it would cut off investments in Bitcoin mining equipment in the country.

Mining platform BTC.TOP has also ceased all its activities in the country because of the increased regulatory action by the government. BTC.TOP founder Jiang Zhuoer believes that China may lose its crypto computing ability to the external markets.

HSBC Doesn’t Consider Bitcoin an Asset

HSBC CEO Noel Quinn has publicly made clear the bank’s stand on cryptocurrency involvement. Quinn asserted that the bank presently doesn’t view crypto as an asset of interest. Speaking to Reuters on Monday, the bank exec revealed that the bank had no intentions of extending crypto services to customers.

Explaining the aversion to Bitcoin, Quinn cited the asset’s inherent volatile nature as well as the absence of clarity.  The CEO insisted that even though their customers may be willing to take up Bitcoin, the bank won’t promote the digital asset. It has, in fact, made it difficult for its customers to deal in crypto. HSBC previously banned its clientele from accessing MicroStrategy shares due to the latter’s involvement with Bitcoin.

The bank categorically averred it was against association with parties that deal in cryptocurrencies. HSBC remains one of the institutions yet to adopt cryptocurrency even as other major banks open their doors to these digital assets.

Macro Hive Announce Support for Crypto Payments

London-based finance company Macro Hive has partnered with cryptocurrency solutions firm CoinPayments to incorporate crypto as a payment option. The finance research firm confirmed the same on Wednesday through a press release, saying its users can settle payments in Bitcoin, Litecoin and Ethereum.

Macro Hive boss Bilal Hafeez stated that incorporating crypto payments resulted from increased demand from its community. He also set forth that it was important for the company to stay up to date with new developments as a trailblazer in the industry. Hafeez spoke positively about crypto as a means to carry out transactions securely and more efficiently.

CoinPayments chief exec, Jason Butcher, noted that more customers were seeking to adopt crypto payments.  He said the company intended to maintain its objective of smoothing out the paths of businesses as they embrace cryptocurrency.

Blockchain Could Potentially Impact Fidelity Investments

Blockchain may be a threat to Fidelity Institutional, in the opinion of Mike Durbin, the company’s head of investments and technology solutions. In discussion with The Block’s Frank Chaparro at the Consensus 2021 event, Durbin highlighted that the company was positioned to benefit from blockchain.

He, however, added that the same technology might also throw a monkey wrench in the works of the company. Durbin noted a lot of potential in the crypto industry, adding that the current developments only represented the surface. He attributed the company’s decision to venture into crypto to consumer demand.

He described the firm’s clients as ‘first-generation wealth creators’ whose goal is to effortlessly invest in digital assets. The executive acknowledged the recent slump in the market had knocked off some confidence and brought doubts among some consumers. Nevertheless, he explained the market tumble as just but a minor setback in the crypto investment journey.

PayPal to Enable Crypto Transactions to Third-Party Wallets

The global payments service firm is set to allow users to make withdrawals to third-party crypto wallets. The announcement that was first reported on Wednesday comes seven months after PayPal took on crypto on its platform.

PayPal’s VP of Global Business Development, Fernandez da Ponte didn’t specify when the feature would arrive but suggested it would be sooner rather than later. PayPal has often rolled out new features gradually per region, and the new functionality is likely to follow a similar path.

Da Ponte didn’t give anything on whether the company was looking to launch a stablecoin offering. He only said that it was not the time to think about that. He dismissed the debate between CBDCs and stablecoins, saying that PayPal is confident both can thrive together.

Indonesia to Develop its Digital Currency

The central bank of Indonesia has announced it is intent on developing a digital currency. The country is set to join several Asian countries like China and South Korea that are in the advanced stages of developing similar virtual currencies. Bank Indonesia’s Governor Perry Warjiyo stated that the decision was inspired by the growth of transactions involving digital currencies.

The bank reportedly seeks to make the CBDC compliant to its financial governing policies and be in line with the set objectives. The Governor stated that the bank was keen to determine if the current financial infrastructure could cut it in adopting the currency. The bank hasn’t yet decided which technology it would leverage for the central bank-backed currency.

Warjiyo also added that the digital rupiah would be held to the same regulations as fiat currency. Though the country banned crypto use in the country, citizens are still allowed to trade digital assets. The bank is hopeful that launching a CBDC would help water down any risks posed by other digital assets.

The post Monthly Report: China Ramps up Efforts to Curb Crypto Mining appeared first on Coin Journal.

The head of Fidelity Institutional, Mike Durbin, has said that blockchain could end up posing an “existential threat” to what the company does.

While speaking to The Block’s Frank Chaparro at Consensus 2021, Durbin pointed out that Fidelity Institutional was primed to reap the benefits of efficiency that come with adopting blockchain technology. However, the same technology could be a “threat” to the financial giant and what it does.

“There is the intellectual curiosity of what this technology [blockchain] could do for us, or to us, over the coming years,” he added. He also talked about the cryptocurrency space, noting that developments so far could be just the “tip of the spear.”

Easy and frictionless

According to Durbin, Fidelity’s foray into the crypto industry primarily comes from the need to meet client demands. Most of these customers, he said, are “first-generation wealth creators” whose main interest is to find easy and frictionless ways of entering the crypto space.

But the volatility that hit the crypto market recently in reaction to Elon Musk’s comments had impacted confidence in some of the new investors.

To him, those who entered the space because they viewed Bitcoin as a store of value might have been shaken by the massive price crash. Despite this, Durbin thinks the sell-off provided nothing more than a “blip” as crypto continues to mature.

Fidelity Institutional is a leading investment management firm that serves the US institutional marketplace, with $3.7 trillion in assets under administration as of records published on 31 March 2021. Some of its clients include financial advisors who use the firm’s resources to tailor investment strategies that suit their respective investors.

The post Blockchain Could Be a “Threat to Fidelity Investments” appeared first on Coin Journal.

UK Financial Research Firm, Micro Hive, now allows users to pay with BTC, ETH and LTC after the company integrated a plugin of crypto payments firm CoinPayments.

London-based financial research firm Macro Hive has announced its customers can now pay for services using cryptocurrency, according to a press release published today.

Micro Hive, which operates as a full-service financial research firm, will now accept payments in Bitcoin (BTC), Ethereum (ETH) and Litecoin (LTC). The three cryptocurrencies are among the most popular in the crypto space, with merchant integration making them acceptable globally for payments.

In a statement, the firm’s founder and CEO Bilal Hafeez explained that the decision to accept crypto follows growing demand from clients. He also added that as a disruptor in the research industry, the company is always focused on keeping tabs on the latest technological developments.

Users will access the crypto payment option thanks to a partnership with CoinPayments, a leading cryptocurrency payment processor. The Vancouver-based platform launched in 2013 and has so far helped process over $10 billion worth of payments, cutting across more than 2,000 different coins.

Micropayments CEO Jason Butcher said that the firm’s payment plugin would help Micro Hive better address the needs of its customers. This, he added, provided a sure way towards the mass adoption of cryptocurrencies.

“As more consumers demand to pay in bitcoin and other cryptocurrencies, our focus is to make more businesses transition into digital currencies smoothly. It is the path of least resistance towards mass adoption,” Mr. Butcher noted.

Mr. Hafeez also added that crypto allows customers the “option to pay with more efficient and more secure mediums of exchange.”

According to Singapore-based crypto firm TripleA, there are over 200 million crypto users worldwide. Asia leads with over 59 million; Europe has over 38 million while the US alone has more than 27 million.

Macro Hive was launched in 2019 and provides retail investors a platform from which they can access quality research on various topics, including on cryptocurrencies.

The post Macro Hive Now Accepts Bitcoin and Ethereum for Payments appeared first on Coin Journal.

The former chief economist at the World Bank, Lawrence Summers, has backed cryptocurrencies like Bitcoin, saying they are likely to remain relevant for the foreseeable future.

Economics expert Lawrence Summers has expressed his views on cryptocurrencies and their impact on the current financial systems. Summers, who briefly served as Treasury Secretary under President Clinton, is confident that cryptocurrencies are here to stay, but he has concerns about their applications. Speaking during an interview with Bloomberg’s Wall Street Week, the veteran economist expounded more on the growing role of crypto assets in markets around the world.

He argued that investors are usually eager to jump into investment opportunities that don’t share the traditional investment approach. He referenced history when investors started flooding into the gold market as a viable investment. Summer pointed out that gold has previously provided an unconventional investment option that is not under the central authority umbrella.

“Is there […] a long-standing human desire to hold an asset that feels separate and apart from the day-to-day workings of government? I think the answer to that question, history shows, is yes. I think gold has been the primary asset of that kind for a long time.”

He went on to explain that current investors were following a similar path by injecting funds into cryptocurrencies. The former World Bank economist projected that many people would continue getting into these digital assets.

“I think that crypto has a chance of becoming an agreed form […], so my guess is that crypto is here to stay.”

While he is certain that these digital assets will remain relevant and have different use cases, he doesn’t think they will be successful in the payments industry. He ruled out the possibility of crypto assets developing into mainstream units of exchange, saying that not many people will adopt them to settle payments. He is, however, optimistic that these digital assets will be crucial in online commerce.

“Are most of us going to be making most of our payments using Bitcoin or some other crypto asset? I rather doubt it. Is this going to be something fundamental for commerce on the internet? It may be an important part of commerce on the internet.”

Elsewhere, in a Monday interview on Bloomberg TV, Guggenheim co-founder Todd Morley lauded the two leading cryptocurrencies before backing Ethereum over Bitcoin.

Morley asserted that while Bitcoin is more valuable and developed than Ethereum, the latter has more utility. He noted that Ethereum is more versatile through smart contracts, albeit its full potential is yet to be leveraged.

The post Lawrence Summers: Cryptocurrencies Are Here to Stay appeared first on Coin Journal.

Huobi and BTC.TOP have said they will suspend services in reaction to the crackdown, even as Bitcoin remains lodged below $40k.

Bitcoin miners have been impacted by renewed efforts by the Chinese government to crack down on cryptocurrency mining businesses in the country.

According to Reuters, crypto miners Huobi, HashCow and BTC.TOP have all announced measures in reaction to Beijing’s move.

Plans for an onslaught on Bitcoin mining and trading in the country surfaced in an announcement made by a State Council committee. The cabinet resolution, under the leadership of China’s Vice Premier Liu He, revealed that the regulatory scrutiny targets virtual currency mining as a way of fending off financial risks.

Some miners suspend operations in mainland China

In the aftermath of the news, at least one major cryptocurrency exchange and two mining firms announced they were suspending mining and/or trading services on mainland China.

Huobi announced on Monday 24 May that it had suspended both cryptocurrency mining and trading services offered to new customers. The firm said it would instead focus on its overseas services.

The bitcoin mining pool BTC.TOP also halted its operations in China, with the firm citing growing regulatory concerns as the reason behind the move. Meanwhile, HashCow has announced it won’t be investing in any new BTC mining rigs.

China is no longer the world’s leading crypto trading destination thanks to the country’s 2017 ban. Now it’s likely to “lose crypto computing power to foreign markets as well,” said BTC.TOP founder Jiang Zhuoer.

Bitcoin price impacted?

It’s not the first time news out of China has impacted Bitcoin price. The latest downturn for Bitcoin included a dump that coincided with news that China had asked institutions not to do business with crypto firms.

On Sunday, BTC/USD plunged nearly 17% to come close to dipping below $30k. Although price has recovered slightly to trade about 5% in the green as of writing, it remains vulnerable to further losses given bulls have struggled to break resistance above $40,000 on multiple occasions.

The BTC/USD pair currently trades around $36,370. Ethereum, which also tumbled to lows of $1,900, is trading above $2,200 as buyers look to stabilise.  Despite the bounce, Bitcoin remains 43% off its all-time peak while ETH is about 47% off it’s all-time high.

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