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One Of The Largest Miners In China, Jiang Zhuoer, Announced That The Joint Mining Service Provided By His Company, Which Allows External Investors To Mine Cryptocurrency With Them, Will No Longer Be Available In The Country. His Statement Is Quoted By Journalist Colin Wu. On Friday, The State Council Of The People’s Republic Of China Named Bitcoin Mining And Trading Among The Financial Risks To Be Controlled.

Zhuoer Notes That The Co-mining Service Accounts For Only A Fraction Of Their Computing Power. In The Future, The Company Intends To Create A Cryptocurrency Mining Enterprise In North America. The Hashrate Of The Bitcoin Network After Yesterday’s Events Remains Stable, Having Decreased By Only A Few Percent.

The Publication Also Provides Clarifications Regarding Yesterday’s Statement By The State Council Of The People’s Republic Of China. Thus, The Company Writes That In The General Context Of This Statement, The Ban Is Aimed At Preventing The Transfer Of Individual Risks To Society. In Other Words, Miners Can Independently Mine Cryptocurrency And Bear Risks Of Losses Without Attracting Financial Capital. The People’s Bank Of China Took A Similar Position In 2013 Regarding Bitcoin Transactions, Banning The Use Of Third-party Capital In Them.

In Addition, In 2017, With The Ban On Icos, The Chinese Authorities Demanded That The Assets Be Returned To Investors Without Any Additional Sanctions For The Organizers. Thus, It Is Assumed That Miners Will Not Be Confiscated Equipment, Unless They Have Been Convicted Of Stealing Electricity. At The Same Time, Zhuoer Admits That Large Farms May Be Closed, And The Local Mining Industry Will Return To The State It Was In 2014-2015. He Also Suggests That Large Pools Against This Background Could Move To Europe And North America.

There Are Also Messages Coming Inthat The Huobi Exchange Has Banned Users From China From Opening New Accounts And Does Not Allow Existing Users To Enter Derivative Positions, But Also Does Not Close Existing Ones. The Price Of Usdt, After Falling Below 6 Yuan On Friday, On Otc Platforms Has Stabilized Around 6.30 Yuan, 2% Below The World Rate. Primitive Fund Partner Davi Wan Explains This By The Fact That All Chinese Cryptocurrency Holders Who Wanted To Go Into Fiat Currency Have Already Done So.

“i Know Of Several Big Miners Who Went Into Fiat Six Hours After The News Was Published, Selling Tirelessly Using All Available Channels,” She Adds.

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