December 5, 2022

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A Cryptocurrency ICYMI – Another province in China orders shutdown of Bitcoin mining

1 min read

China’s Qinghai province has banned virtual currency mining operations,following on the news that Xinjiang and Inner Mongolia have tightened regulations also. 

Authorities cited concerns on high energy-consumption, environmental pollution, and also a central government (State Council) directive to maintain financial stability.

This is a negative input for BTC (and crypto more generally) but there was some good news for it also:

The net result for the past hours has been the positives winning out, BTC has had a stunning rise from lows seen just above $31K:
China's Qinghai province has banned virtual currency mining operations,following on the news that Xinjiang and Inner Mongolia have tightened regulations also. 




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