Bitcoin Falls Amid Chinese Mining Crackdown

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Bitcoin has fallen amid China’s ongoing crackdown on crypto mining.

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On Tuesday, China’s National Development and Reform Commission spokesperson Meng Wei said bitcoin mining is dangerous, “consumes lots of energy” and “produces lots of carbon emissions,” according to a report from CNN. 

She noted that the agency will be launching a “full-scale” crackdown on mining with a focus on commercial mining. The NDRC will raise electricity prices for any institution found to be using its access to subsidized power — often given to schools, community centers and similar institutions — to mine cryptocurrency. 

Following the press conference in which Wei made her statement, the price of bitcoin fell by over 7%, landing at $60,889. That is the cryptocurrency’s lowest price in over a week. 

This is neither the first time China has signaled a crackdown on cryptocurrency mining, nor the first time bitcoin has plunged as a result. Bitcoin fell more than 11% in June after China banned mining, shutting down facilities and wiping out about 90% of the mining capacity in the country. 

China has also cracked down on other internet uses, including use by minors and for playing online video games, in recent months. 

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