December 5, 2022

Huobi’s Bitcoin Mining Pool Moves 100K BTC Following the Chinese Crackdown

2 min read

After China recently banned all crypto-related activities in the nation, crypto exchange Huobi Global had to limit mainland Chinese people from signing up on the platform. As an effect, the Huobi pool – – the eighth most significant BTC pool -is now moving a massive amount out of their funds, possibly to cover the customer withdrawal needs on the exchange.

$4.21 Billion Flowing Out From Miners

Data from research business IntoTheBlock reveals that Huobi Pool has just recently moved almost 100,000 BTC or $4.21 billion at the time of writing. This is the largest inflow of funds because December 18, 2017, a year that saw Huobi dealing with Chinese authorities after they prohibited cryptocurrency trading.