Saturday, September 18, 2021
Mining China Shuts Down Cryptomining Operators, Issues New Restrictions

China Shuts Down Cryptomining Operators, Issues New Restrictions

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China is single-handedly undermining the crypto market as it forced widespread closures of mining operations across the country, leading to a decline in the network hashrate for both Bitcoin and Ethereum. In fact, one province has had 90% of its Bitcoin mining capacity shut down. Coindesk also reported that The People’s Bank of China (PBOC) had issued new restrictions preventing banks from offering any services that facilitate transactions involving cryptocurrencies. So naturally, the value of both Bitcoin and Ethereum tumbled in trading today.

A translated version of the PBOC statement claimed that “virtual currency trading speculation activities disrupt the normal economic and financial order, breed the risk of illegal and criminal activities such as illegal cross-border asset transfer and money laundering, and seriously infringe on the property safety of the people.”

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