Huobi Pool, one of the largest bitcoin mining pools in the world. It withdrew 100,000 bitcoin (BTC) from the funds generated. It is for the maintenance of this activity in China. Besides, as per speculation, the decision may be linked to the strong restrictions imposed by the Chinese government. Restrictions related to cryptocurrency activities in the country. Huobi is one of the largest bitcoin pools in the world:
Huobi rate in USD
Additionally, According to the CriptoNoticias price index, the movement of funds made by Huobi is equivalent to USD 4.257 million. The operation was confirmed on Twitter by Into The Block. Henceforward, According to bitcoin company reports, this is the largest withdrawal of funds by Huobi since December 18, 2017.
In addition to that, bans on cryptocurrency activities, cond illegal in Asian countries. Huobi reported, that it will no longer open new user accounts in mainland China. And not only that, but it will also begin to progressively close existing accounts as of December 31, 2021. Huobi is one of the largest bitcoin pools in the world:
Furthermore, This account closure will mean that many people will be withdrawing their funds from the exchange in the next three months. Therefore, this movement of Huobi bitcoin from its mining pool could be read as a backup action to face this stage with sufficient liquidity.
As a fund migration process
In fact, this is a fund migration process that seems to have already started. According to CryptoVallor, Cryptoquant data reflects a movement of more than 4,000 bitcoin from the Huobi exchange to its peer Binance on September 29.
As one of the ten mining pools with the highest processing power in the world. The news is gaining momentum. It is that China is an important bastion in this sense worldwide. In spite of this, the warnings and confiscations that miners suffered in the country during 2021. They have generated certain operational difficulties for the Bitcoin network in the second quarter of the year. Despite this, the situation stabilized by the end of July, disclosed by this outlet. Huobi’s Bitcoin Mining Pool Moves 100K BTC Following the Chinese Crackdown: