China Crypto News: Another Province Just Cracked Down on Crypto Miners

For crypto buyers, and specifically buyers within the China crypto market, bearish information hasn’t stopped flowing in.

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Importantly, Bitcoin (CCC:BTC-USD) seems to be pushing steadily larger at present because of information El Salvador will embrace BTC as authorized tender. But anti-crypto exercise in China continues to be key.

Why? China accounted for about 65% of latest Bitcoin mining last year. Indeed, any nation with a two-thirds market share on any commodity is value watching.

In mid-May, China announced a ban on monetary establishments from utilizing cryptocurrencies. The nation seems to be headed towards centralizing the cryptocurrency house, as a lot as doable.

With this backdrop, it’s straightforward to see why Bitcoin has roughly halved from its peak earlier this yr. While crypto merchants could also be ignoring the momentum, there’s yet one more bearish catalyst buyers want to contemplate. Let’s check out the newest information popping out of China at present.

China Crypto News: A New Provincial Ban

Today, China’s Qinghai Province announced a brand new ban on crypto mining. This ban follows previous crackdown measures imposed within the province of Xinjiang.

As a key coal-based crypto mining hub, this transfer seems to be associated to authorities considerations about power utilization tied to crypto mining actions. Whether it’s merely PR or real concern in regards to the environmental influence of Bitcoin mining, this information provides to the current chatter on this subject.

Tesla (NASDAQ:TSLA) CEO Elon Musk lately backtracked on his dedication to Bitcoin on this concern. With governments following swimsuit, the ESG argument towards crypto mining is rising stronger.

On the date of publication, Chris MacDonald didn’t have (both straight or not directly) any positions within the securities talked about on this article. The opinions expressed on this article are these of the author, topic to the InvestorPlace.com Publishing Guidelines.

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