Chinese officials reduced the power of cryptocurrency mining on Monday morning and caused the prices for coin and its associated cryptocurrency to fall immediately. This is the latest in a similar line of targeted operations in China, with the aim of reducing mines across the country in 2021. Officials have this year suggested that crypto mining will bring the country closer to environmental objectives, as a significant amount of energy has been generated (and still is) by coal-fired power plants.
The Southwestern China Province of Sichuan saw “many Bitcoin mines” closed on Sunday according to the Global Times. 90% of China’s Bitcoin mining are expected to be closed in the short run. An notice of “screening, cleanup and termination” cryptographic mining activities was issued by Sichuan Provincial Development and Reform Commission and Sichuan Energy Bureau on Freitag (June 18th, 2021).
Chinese miners “must form alliance to migrate to places like North America and Russia,” Shentu Qingchun added.
According to Coinbase, the Bitcoin VS USD price has been down by about 4.1 percent in the last 24 hours. The same source suggests that the price of Bitcoin VS USD has fallen 18.61% last week. Over the last 24 hours, Ethereum’s VS USD has decreased by about 4.33 percent and over the last week by 22 percent. In the last 24 hours Dogecoin has fallen about 15 percent and in the last week has fallen 31 percent.