(Bloomberg) — As China’s crackdown on cryptocurrencies broadens to bitcoin miners, some of the industry’s biggest players are already shifting operations overseas.
Bitmain, which runs China’s two largest bitcoin-mining collectives, is setting up regional headquarters in Singapore and has mining operations in the U.S. and Canada, Wu Jihan, the company’s co-founder, said in an interview. BTC.Top, the third-biggest mining pool, is opening a facility in Canada and ViaBTC, ranked No. 4, has operations in Iceland and America, their founders said.
Chinese policy makers, who last year banned initial coin offerings and called on local exchanges to halt virtual currency trading, outlined new proposals this week to discourage bitcoin mining, a computing process that makes transactions with the cryptocurrency possible. Officials plan to limit the industry’s power use and have asked local authorities to guide miners toward an “orderly” exit from the business, according to people familiar with the matter.