Chinese bitcoin mining pool ViaBTC has revealed that it will shut down its marketplace for mining contracts this week.
It is a move that comes right after new reports of a ban by China authorities in the country.
In a statement, ViaBTC disclosed that it would shut down the market – through which users can purchase contracts entitling them to a certain amount of hashing power (and the associated cryptocurrency payouts) – on January 10.
It cited the need to “control speculation and protect the interests of our investors” as the reason.
“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.
“Please finish all your cloud mining contract trading ASAP. Thank you all for your support,” the statement read.
ViaBTC first initiated its cloud mining service in November 2016.
The closure comes a few months after ViaBTC closed down its cryptocurrency exchange in response to a crackdown by Chinese authorities on the country’s exchange ecosystem.
It was a process that began just after the beginning of 2016.
Officials also acted to bar the use of initial coin offerings (ICOs) in September.
While it remains vague if the two events are connected, the latest disclosure follows new reports that officials in China are looking at a measured shutdown of domestic bitcoin mining operations.
According to documents circulated over the weekend and attributed to the Leading Group of Internet Financial Risks Remediation, a Chinese regulator, officials want to check support for local miners.
It called for actions around power and land use.
One of the documents asked officials make plans for such a process by the 10th.
The report indicated that officials in China want to authorize an “orderly” shutdown of the mining ecosystem.
- Sberbank of Russia Launches Blockchain Laboratory 12 January 2018
- Ukraine Creates Oversight Working Group for Cryptocurrency Regulation 12 January 2018
- BitConnect Given Second Cease-and-Desist Order 12 January 2018
- Arizona Lawmakers Propose to Let People Pay Taxes with Bitcoin 12 January 2018
- KFC Canada Offers Fried Chicken for Bitcoin in Innovative Marketing Ploy 12 January 2018
Bitcoin3 days ago
Bitcoin Event Stops Accepting Bitcoin Due to Fees and Congestion
Blockchain5 days ago
United States SEC Office Pokes Fun at Blockchain Stock Pumpers
Bitcoin2 days ago
Ukraine Creates Oversight Working Group for Cryptocurrency Regulation
Bitcoin2 days ago
South Korea Rattles Market With Announcement Banning Trading of Cryptocurrency