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China’s largest financial institutions have stepped up its crackdown on cryptocurrency mining recently demonstrating how global authorities are changing their minds in fast-growing financial markets.
The country’s mining operations, an energy-intensive approach to using accounting methods that create new currency exchanges, have been returning to their homelands since May when the government decided to ban cryptocurrency trading and warn of financial risks. Results prices dropped after it was announced and is currently selling for about $ 30,000 under April’s top price of about $ 65,000.
China’s recent actions add to the pressure on the formerly one of the world’s best-known markets for digital mining and mining. It comes at a time when many governments are looking at how companies affect the environment and see which types of controls should be used for economic purposes.
Earlier this month, regulators around the world called for digital currency to be more complex bank rules for any economy, with the Basel Committee on Banking Supervision warning that the growing use of crypto currencies “could raise financial concerns”.
The frustration hit the Chinese cryptocurrency mine this week after officials from all parts of China followed suit Inner Mongolia and publishing ways to track bitcoin manufacturers. The northern region banned the mines and set up a mobile phone to receive suspects in May.
Sichuan, a major power plant in southwestern China, has ordered 26 large mines to stop during an investigation, following several meetings with the Energy Office of the Local Development and Reform Commission, Chinese journalists said on Friday.
The survey, which lasted until June 25, was taken as a warning by many miners that it was time to move and relocate outside China.
The video of one of the major miners shutting down their computer servers seemed to understand the meaning of the latter and shared it extensively with Chinese cryptocurrency enthusiasts online.
Due to the increased capacity of renewable energy from multiple networks, Sichuan was seen as a last resort in mines extracted from mines that rely on coal-fired power plants.
Governments leading the cryptocurrency mining sites Xinjiang, Yunnan and Qinghai also announced this month that they want to close mines.
Governments are being pressured from Beijing to reduce energy – to emit carbon dioxide from all domestic food – as China seeks to achieve greenhouse gas by 2030 and to achieve it.political neutrality”By the year 2060.
Researchers have long suggested that running computers that are needed to make bitcoin is bad environment. Cambridge’s Bitcoin Electricity Consumption index shows that bitcoin mines use 133.68 terawatt hours of electricity per year, more than Sweden did last year.
Crypto miners, however, say that part of the electricity used comes from clean materials, some of which may not have happened because they are located in areas where there is no electricity.
While there were possible bills in 2017 and 2019 to ban trading and deposit, China remained the world’s largest producer of bitcoin and accounted for up to 75% of global mining, according to preliminary estimates.
Guan Dabo, an economist at Tsinghua University in Beijing and an accountant for the Chinese mining industry, said the relocation of miners to clean water facilities had not been a temporary one.
“[Bitcoin mining] it will not help economic development or human development, ”he said. “On the other hand, it uses a lot of electricity that can be used for other purposes, especially when the regions are meeting lack of electricity. ”
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