Miner cashes out 1,366 BTC seconds before China bans Bitcoin

Beijing officials impose new cryptocurrency ban and refuse new crypto mining operations

A Bitcoin miner withdrew 1,366 BTC just seconds before China officially announced it would ban cryptocurrency, Coin Rivet can reveal.

Data shows someone was able to cash out $58m in crypto assets moments before Beijing issued its notice.

The miner withdrew 1,366 BTC prior to the announcement. It followed a previous withdrawal of 952 BTC.

As it happened…

14:00 – 23/09/21Miner unexpectedly withdraws 952 BTC

09:15 – 24/09/21Miner withdraws a further 1,366 BTC

09:55 – 24/09/21 – News breaks of Chinese crypto ban

09:57 – 24/09/21 – Chinese State Planners decree no financial supports for crypto miners

09:58 – 24/09/21 – Chinese State Planners prohibit miner participation in energy credit markets

10:01 – 24/09/21 – Chinese State Planner announces stricter energy controls for crypto miners

10:04 – 24/09/21 – Chinese Central Bank issues notice to dispose of cryptocurrency speculation risk

10:07 – 24/09/21 – Chinese Central Bank says crypto related activities are illegal

10:08 – 24/09/21 – Chinese bans overseas crypto companies from serving Chinese investors

10:09 – 24/09/21 – Harsh new punishments and penalties to be introduced to enforce regulations

As traders and institutions around the world responded with panic to yet another death knell for cryptocurrency in China, markets plummeted again, dropping 4.5% from yesterday’s bullish price recovery.

Though the price has now bounced, markets are clearly on edge.

READ MORE: China’s great Bitcoin mining migration

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