Miners Unable to Sell Their Bitcoin as China Freezes Accounts

bitcoin mining farm

China has closed off many Over the Counter (OTC) selling pipelines for bitcoin and crypto miners according to local reports. A significant number of miners have been unable to cash out for a month, leaving them in a very difficult position regarding the hefty energy costs of mining. That may explain a massive plunge in bitcoin’s hashrate earlier this month, down from 146 exahashes to 106 exahashes per second with it not fully recovering so far. Apparently some 76% of polled miners now say just covering energy costs is their most difficult task with two senior operatives at Huobi and OKex recently arrested in China. Both exchanges have opened OTC trading platforms to serve the Chinese market, but a crackdown under the guise of money laundering has been ongoing for much of this year. Miners however were largely left alone, until now. “A large miner said that the most headache…

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