Share this article
ViaBTC Announces Shutdown of Crypto Mining Contract Market
Chinese bitcoin mining pool ViaBTC has announced that it will close its marketplace for mining contracts this week.
By Stan Higgins
Updated Sep 13, 2021, 7:21 a.m. Published Jan 8, 2018, 7:45 p.m.
Chinese bitcoin mining pool ViaBTC has announced that it will close its marketplace for mining contracts this week, a move that comes amid new reports of a ban by authorities in the country.
In a Jan. 8 statement, ViaBTC said that it would shut down the market – through which users can purchase contracts entitling them to a certain amount of hashing power (and the associated cryptocurrency payouts) – on Jan. 10. The reason: the company wants to "control speculation and protect the interests of our investors."
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
"Please finish all your cloud mining contract trading ASAP. Thank you all for your support," ViaBTC added.
ViaBTC first launched its cloud mining service in November 2016.
The closure comes months after ViaBTC shut down its cryptocurrency exchange in response to a crackdown by Chinese authorities on the country's exchange ecosystem, a process that began in 2017. Officials also moved to prohibit the use of initial coin offerings (ICOs) in September.
Yet while there's no clear indication that the two events are related, the latest announcement follows new reports that officials in China are seeking a gradual shutdown of domestic bitcoin mining operations.
According to documents circulated over the weekend and attributed to the Leading Group of Internet Financial Risks Remediation, a Chinese regulator, officials want to curb support for local miners, calling for measures around power and land use. One of the documents requested that officials prepare plans for such a process by the 10th.
A representative from the agency's Xinjiang office confirmed the documentation's veracity to Quartz but declined to comment further.
As further illustrated by Bloomberg, miners in China are shifting their footprint away from the country, eyeing new locations in Europe and North America. The news service reported that officials in China want to enact an "orderly" shutdown of the mining ecosystem.
China flags image via Shutterstock
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Bitcoin’s Deep Correction Sets Stage for December Rebound, Says K33 Research
K33 Research says market fear is outweighing fundamentals as bitcoin nears key levels. December could offer an entry point for bold investors.
What to know:
- K33 Research says bitcoin’s steep correction shows signs of bottoming, with December potentially marking a turning point.
- The firm has argued that the market is overreacting to long-term risks while ignoring near-term signals of strength, like low leverage and solid support levels.
- With likely policy shifts ahead and cautious positioning in futures, K33 sees more upside potential than risk of another major collapse.
Top Stories
