News

China’s crypto industry hit by new administrative decisions

The cryptocurrency industry in China continues to experience difficulties as Anhui province in the east of the country said it would close all crypto mining operations due to energy consumption concerns, OilPrice reports.

Credit: depositphotos.com
Credit: depositphotos.com

The region is closing energy-intensive projects as part of a reform program to address a power supply shortage. The news sent the bitcoin, the world’s top cryptocurrency, down over 4%; Ethereum lost 6%, and XRP, 5%.

Last month, the crypto industry also took a hit after authorities in China’s Sichuan province ordered a state-owned power grid to cut the energy and effectively shut down 26 cryptocurrency mining farms in the region, hurting one of the major Chinese bitcoin mining pools.

At the same time, People’s Bank of China ordered the country’s main financial institutions to stop facilitating cryptocurrency transactions.

Previous ArticleNext Article