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Huobi plans to enter the bitcoin mining market

  • Huobi Targets Bitcoin Mining Market

  • The exchange wants to avoid dependence on the Chinese market

  • Marketplaces have been looking for income diversification for a long time

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Cryptocurrency exchange Huobi will sell mining equipment for mining cryptocurrency bitcoin

The largest Chinese exchange Huobi intends to sell Bitcoin mining equipment. Reported by local blockchain correspondent Colin Wu.

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Huobi’s custodian services will be available to buyers of mining equipment, Wu said. It is noteworthy that the minimum period for freezing assets in a custodian will be two years. Officially Huobi has not yet commented on the entry into the cryptocurrency mining market.

Rescue in miners

By entering the mining equipment market, the exchange can solve the problem of dependence on the Chinese market. The company has long been looking for an opportunity to solve this problem, given the aggressive attitude of the local regulator..

BeInCrypto’s editors previously reported that Huobi tried to buy two cryptocurrency platforms at once: Bitflyer and Bithumb. The takeover of Bitflyer alone was estimated at around $ 500 million.

Huobi plans to enter the bitcoin mining market

However, the deals to buy exchanges had to be frozen due to the “sudden investigation” of Huobi. Huobi Founder Banned From Leaving China Since 2017, Wu Stresses.

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However, Huobi is far from the only exchange looking for additional diversification of earnings in the mining market. Binance cryptocurrency exchange is also expanding its presence in the mining pool market. Having launched the Binance Pool in April 2020, the exchange pool took the second place in terms of mined blocks, ahead of, PoolinCryptocurrency is not only an alternative to traditional money, but also a tool for earning. To process transactions in the coin network, a computing … More and Huobi.pool are required. Binance CEO Changpeng Zhao believes that as the price rises more and more bitcoin money will be invested in the mining industry.

Mining turned out to be profitable not only due to the growth in the price of the cryptocurrency, but also due to the effect associated with the increase in company shares. At the end of December, for example, just after the price of bitcoin hit record highs above $ 28,000, the shares of two large mining companies began to rise sharply in price..

Huobi plans to enter the bitcoin mining market

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Huobi plans to enter the bitcoin mining market

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