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News ID: 91561
Publish Date : 21 June 2021 - 23:04

Bitcoin Tumbles as China Escalates Crypto Mining Crackdown

LONDON (Dispatches) - The price of bitcoin tumbled Monday on fresh reports that China has expanded its crackdown on the mining of cryptocurrencies.
Bitcoin traded as much as 9 percent lower Monday morning before recovering slightly. It was last seen trading at about $32,300 per coin as of 7 a.m. ET, according to Coinbase data. It’s down over 17 percent from a week ago.
Other cryptos, including ether, cardano, XRP and dogecoin, were all also trading lower Monday.
The declines came after the government-backed newspaper Global Times reported that many bitcoin mines in the Sichuan Province and elsewhere were closed Sunday and would remain closed “at least for the short term.”
The paper estimated that more than 90 percent of China’s bitcoin mining capacity is currently shut down.
Mining is the energy-intensive process that both produces new bitcoins while also processing transactions made with the existing supply.