BTC.com, the mining pool subsidiary of BIT Mining (NYSE:BTCM), will exit mainland China in response to the ongoing crackdown of the crypto industry in the country.
- Starting today, BTC.com will stop registering new users and also expects to start closing the accounts of existing users, BIT Mining announced Thursday.
- While warning that the withdrawal is likely to adverse its financial statements, BIT Mining is optimistic that growth in other markets will offset the loss of business from China.
- Antpool, the largest bitcoin mining pool by hashrate, also said it will block internet access from mainland China.
- At the time of writing, NYSE-traded BIT Mining’s share price was up 4.3% in pre-market trading.
- However, the price move could be due to bullish movement in the crypto market, with bitcoin’s pricing nearing $60,000 for the first time since May. The jump has been attributed to news that the U.S Securities and Exchange Commission could at last approve the listing of a bitcoin exchange-traded fund.
Read more: US Claims Bitcoin Mining Crown Following China Crackdown
