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Earlier Chinese efforts to limit crypto mining have turned into a full-scale purge, hitting BTC prices with a significant body blow. Cryptocurrency update Bitcoin tumbles as China puts the squeeze on crypto mining China has intensified its crackdown on cryptocurrency mining operations sending Bitcoin reeling.
China has major climate change goals, so limiting mining for digital tokens from energy consumption chains is part of the strategy to reduce its CO2 emissions. Every year, crypto mining globally consumers more energy than Sweden.
China capital guals bitcoin trades not content with limiting or halting mining operations. In May, the government moved to ban financial institutions and payment companies from providing services related to cryptocurrency transactions.
Authorities also warned investors against speculative crypto trading. The hash rate, the rate at which new Bitcoin tokens are minted, has dropped considerably with these latest measures.
Regulators in Thailand, India, and Turkey have been mulling over full-on bans too.
Retail crypto trading is unavailable for UK customers. How can Bitcoin recover?
No doubt miners will be setting up shop elsewhere. Will we see a spike in El Salvador-sourced tokens? Bitcoin has been struggling to regain its massive April gains across May and June. It looks like its path to recovery just got longer.
Retail clients are unable to trade digital tokens in the UK anyway, but this is still an interesting development. Only a third of those surveyed said they had noticed an increase in interest regarding crypto trading and investing. Amber Group AGan Asian crypto trading and technology firm, is the latest subject of venture capitalist interest, as they continue to pour capital into the space.
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