ViaBTC Announces Closing of Mining Business

by Arnab Shome
  • Just a few months after shutting the doors of its crypto exchange in China, the firm is closing its mining business too.
ViaBTC Announces Closing of Mining Business
FM

On Monday, the Chinese cloud cryptocurrency mining pool ViaBTC announced the shutdown of its mining business. The company will close all of its mining contracts by Wednesday.

Though the firm did not explain the details behind this move, it said that the reason is to control speculation, and to protect its investors' interests.

“In order to control speculation and protect the interests of our investors, ViaBTC will officially close cloud mining Market at UTC time 12:00 Jan 10th, 2018,” reads the official statement.

“Please finish all your cloud mining contract trading ASAP. Thank you all for your support,” it adds.

The mining company took this step after reports surfaced that the Chinese authorities are planning to curb the Bitcoin mining business in an systematic fashion. Though the two stories are not directly linked, this is worth noting.

The leaked notice, dated 2nd January, was issued by the Leading Group of Internet Financial Risks Remediation, the country’s internet finance regulator, asking the local authorities to make an “orderly exit” from the booming Bitcoin mining businesses. The document also guided local governments to tighten rules regarding electricity usage, land use, tax, and environmental protection, to ultimately drive mining companies out of the business.

Amid all the confusion for crypto businesses within Chinese borders, reports are surfacing that many major crypto mining firms are moving their operations overseas.

ViaBTC launched its mining business at the end of 2016. Its cloud mining infrastructure allows users to buy slots in its remotely located advanced mining rigs to mine for Cryptocurrencies and make some profit.

The firm was also operating a cryptocurrency exchange, which it had to close down following the crackdown by the Chinese government. Now just after a few months, its mining business is experiencing the same fate.

In December, ViaBTC launched another cryptocurrency exchange, this time incorporated in the UK.

On Monday, the Chinese cloud cryptocurrency mining pool ViaBTC announced the shutdown of its mining business. The company will close all of its mining contracts by Wednesday.

Though the firm did not explain the details behind this move, it said that the reason is to control speculation, and to protect its investors' interests.

“In order to control speculation and protect the interests of our investors, ViaBTC will officially close cloud mining Market at UTC time 12:00 Jan 10th, 2018,” reads the official statement.

“Please finish all your cloud mining contract trading ASAP. Thank you all for your support,” it adds.

The mining company took this step after reports surfaced that the Chinese authorities are planning to curb the Bitcoin mining business in an systematic fashion. Though the two stories are not directly linked, this is worth noting.

The leaked notice, dated 2nd January, was issued by the Leading Group of Internet Financial Risks Remediation, the country’s internet finance regulator, asking the local authorities to make an “orderly exit” from the booming Bitcoin mining businesses. The document also guided local governments to tighten rules regarding electricity usage, land use, tax, and environmental protection, to ultimately drive mining companies out of the business.

Amid all the confusion for crypto businesses within Chinese borders, reports are surfacing that many major crypto mining firms are moving their operations overseas.

ViaBTC launched its mining business at the end of 2016. Its cloud mining infrastructure allows users to buy slots in its remotely located advanced mining rigs to mine for Cryptocurrencies and make some profit.

The firm was also operating a cryptocurrency exchange, which it had to close down following the crackdown by the Chinese government. Now just after a few months, its mining business is experiencing the same fate.

In December, ViaBTC launched another cryptocurrency exchange, this time incorporated in the UK.

About the Author: Arnab Shome
Arnab Shome
  • 6311 Articles
  • 80 Followers
About the Author: Arnab Shome
Arnab is an electronics engineer-turned-financial editor. He entered the industry covering the cryptocurrency market for Finance Magnates and later expanded his reach to forex as well. He is passionate about the changing regulatory landscape on financial markets and keenly follows the disruptions in the industry with new-age technologies.
  • 6311 Articles
  • 80 Followers

More from the Author

CryptoCurrency

!"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|} !"#$%&'()*+,-./0123456789:;<=>?@ABCDEFGHIJKLMNOPQRSTUVWXYZ[\]^_`abcdefghijklmnopqrstuvwxyz{|}