Cryptocurrency miners pull out of China amid Beijing crackdown

Cryptocurrency mining operators are shutting down aspects of their China operations after Beijing promised a “severe” crackdown on the growing industry.

Bitcoin, Ethereum, and other so-called altcoins plummeted in value over the past week as regulatory news from China caused the markets to decline. On Friday, Chinese Vice Premier Liu He called for the “crackdown on Bitcoin mining and trading behavior, and resolutely prevent the transmission of individual risks to the social field.”