Crypto bosses see miners fleeing China as crackdown spreads

Zhao said he’s seen movement by clients in Binance’s mining pool, which combines the computing power of number-crunching machines that verify cryptocurrency transactions. — Reuters

The heads of some of the world’s biggest cryptocurrency exchanges say Bitcoin miners are moving out of China as authorities intensify their crackdown on the space.

“We’re seeing a lot of those miners moving out of China to other places,” Changpeng “CZ” Zhao, the CEO of Binance Holdings Ltd, the world’s biggest crypto exchange by reported turnover, said in an interview at the Qatar Economic Forum on Tuesday. “Some of them are sending their mining equipment to overseas. There’s big shipments.”