The Week (US)

Bitcoin: China crackdown sends value falling


China said it would take steps to limit Bitcoin mining, said Laura He in, sending the price of the digital coin tumbling to $31,000 this week before rebounding slightly. “China accounts for more than 75 percent of the world’s Bitcoin mining”—the computer-intensive process by which new coins are created and recorded—but the government is “getting more aggressive about its approach” to the digital currency. Bitcoin mining has also come under fire for its energy usage. Inner Mongolia, a coal-rich province, in February said it planned to end all crypto-mining projects.

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