Bitcoin Mining Fees Surge After Chinese Officials Clamp Down

Bloomberg’s Russo reports on China’s decision to order bitcoin mining facilities to close, and the implications.(Source: Bloomberg)

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By Camila Russo

January 11, 2018 at 8:21 PM UTC

This article is for subscribers only.

Bitcoin mining, the computing process that makes transactions with the cryptocurrency possible, is about to become more expensive for some after China ordered mining facilities to close.

ViaBTC Technology Ltd., which runs the fourth-biggest bitcoin mining collective, is raising maintenance fees for some of its clients Friday to 50 percent from 6 percent, according to a statement posted on its website today.