Bitmain Moves Production Out of China, Crypto Mining Pools Continue to Shut Down

Meanwhile, Chinese giants Tencent and Alibaba apply for several Metaverse-related trademarks while Huawei Cloud launches blockchain services.

The effect of China’s strongest regulatory signal against crypto continues to be seen after five days still.

The latest result is the Chinese online stock trading platform Tiger Securities issuing a notice banning opening new positions for Grayscale products, including GBTC, EHTE, ETCG, GDLC, OBTC, LTCN, and BCHG, starting Sept. 28.

Last week, Chinese Robinhood Futu had issued a similar notice at the request of the Hong Kong Securities Regulatory Commission, which applies from October 1, 2021.

After the second-largest Ethereum mining pool, SparkPool announced that it is completely shutting down its operation for all of its existing users on Sept. 30, the fourth largest Ethereum mining pool, Beepool also said that it would cease operations before October 15.

On Tuesday, BeePool said following the latest regulations, Beepool is stopping the registrations of new users, and as of Oct. 15, all mining access servers will stop operations.

“Thanks for your consistent support on Beepool over the past 4 years. Goodbye.”

Bitcoin mining pool F2Pool has also stopped providing its services in China, and if any user is detected to be from the country, their account may be frozen or terminated.

Crypto exchanges have already stopped registering new users from mainland China. As we reported, the e-commerce giant Alibaba is also prohibiting the sale of crypto mining equipment on its platform.

Now, Bitmain is also planning to suspend the sale of its mining machines to miners in mainland China. Due to regulatory pressure, Bitmain is also moving its headquarters and moving most of its production from Shenzhen to other countries.

Chinese microblogging website Weibo, as a result, is also requiring its users who want to open a bank account in China to sign a document saying the account holder won’t be involved in illegal activities, including selling accounts, joining online gambling, and trading virtual currencies, etc.

Amidst all this, Chinese Internet giant Tencent has registered Metaverse-related trademarks yet again. Having applied for the registration of dozens of Metaverse trademarks, this time for ‘QQ music’ and ‘Tencent Music.’

Alibaba has also applied for the registration of multiple Metaverse trademarks such as “Alibaba Metaverse,” “Taobao Metaverse,” and “DingTalk Metaverse.”

Moreover, Huawei Cloud has officially launched blockchain services that can be used for cross-border data traceability of products. It will reportedly support 10,000 participants.

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