Chinese news portal 8BTC reported that Alibaba Cloud, the second largest cloud service provider in China, has warned that it may stop working with all crypto companies, including mining firms, due to recent regulatory requirements. Famous Chinese journalist Colin Wu announced the hot news on Twitter.
Alibaba Cloud supports crypto mining restriction!
Colin Wu announced another negative news for Chinese crypto miners via Twitter today. He previously said that authorities in the Chinese province of Sichuan had ordered electricity generating companies to stop serving mining firms in the region.
This request was made despite the abundance of unspent hydropower in the area during the summer months. Wu responded by tweeting that this energy could just be wasted unless used by Bitcoin miners.
It is now reporting that Alibaba Cloud is participating in these restrictions for cryptocurrency miners in China.
The company warned its customers who are involved in the crypto industry that the services may no longer be available for them.
This is why regulatory oversight has been tightened since the second quarter of 2021, as Alibaba Cloud representatives explained to companies.
Alibaba Cloud's decision won't hurt crypto exchanges
Tencent Cloud and AWS have yet to make a similar statement to cryptocurrency businesses.
Colin Wu gave some good news, saying that Alibaba Cloud's decision will not have much impact on crypto exchanges as their servers are outside of China.
However, it seems that crypto mining companies in the country will need to find another cloud service provider.
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