China Cracking Down on Bitcoin Mining as Bitcoin Lowers

Last Updated on May 23, 2021 by Jason

Bitcoin lowered to less than $37,000 as a governmental body in China asked for a crackdown on mining for cryptocurrency. The drop in Bitcoin erased a bit portion of the correction from the low on Wednesday of just above $30,000.

On a website run by the governing body in China, a statement was published sourced from a meeting in which industry heads called for restrictions around the process. Vice premier Liu He hosted the meeting.

The statement said, “We should be more alert and look for potential risks. We should crack down on Bitcoin mining and trading activities and prevent individual risks from being passed to the whole society.”

This warning one of the most notable around mining for crypto that has occurred in the last few years. The meeting came just after three financial industry organisations in China warned against it.

Bitcoin

The mood of the market has become sombre based on issues around the environmental impact of mining for Bitcoin.

CBO of Compass Mining, Thomas Heller, said, “Anti-Bitcoin mining news regularly comes up, but this is worth monitoring. Miners in China I’ve spoken with are unsure of the impact right now.”

Tesla has also stopped allowing its clients to purchase vehicles using Bitcoin based on the current environmental concerns.

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Jasonhttps://earthweb.com/
Hi! I'm the editor at EarthWeb. I have a deep interest in technology and business. I also enjoy testing products out. Contact me to be featured!

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