The statements of the Chinese government to cryptocurrency mining companies led companies serving in the country to escape. In the statements made by companies such as Huobi Mall and BTC.TOP, it was stated that the transactions in China were stopped and they were looking for alternative places, especially North America.
Last Friday, there was a development that significantly affected the cryptocurrency markets, which were already tied by cotton thread. The impact that came after the Chinese government announced that it would ban mining operations across the country in a statement made a profound decline in cryptocurrencies, which are already in a downward trend. New news from China reveals that mining companies in the country have decided to flee from China.
China’s largest cryptocurrency mining companies such as Huobi Mall and BTC.TOP have announced that they have stopped their operations in China and will move their headquarters outside of China. Making a statement on the official Telegram channel, Huobi Mall officials announced that they are in contact with companies doing this business in countries outside of China. Mining companies seem to be turning more towards North America.
Huobi Mall: Take it easy, nothing to worry about
In the statements made by Huobi Mall, we clearly see that it is desired to pass the earthquake effect in the market. Because company officials say that investors should be calm, there is nothing to worry about. However, the situation in the markets makes it clear that the investor is not completely calmed down.
In the statements made by BTC.TOP founder Jiang Zhuoer, similar sentences were made to Huobi Mall. Zhuoer said that they have suspended their transactions in China, but that this is not permanent, and that they are planning to move to North America as BTC.TOP. Stating that this will not only be specific to BTC.TOP, Zhuoer explained that in the long term, no mining companies will remain in China and that these companies will migrate to different parts of the world.