China strikes another blow on bitcoin and cryptocurrency miners

The authorities of the Chinese province of Anhui has decided to close all mining farms on its territory due to the shortage of electricity. The plan will be implemented during the period of three years, Bloomberg reports. China's decision has thus struck another blow on bitcoin and crypto miners.

The decision of the Chinese authorities has caused the bitcoin to decline in value by 4.5 percent to 31,600 dollars per one bitcoin. The rate climbed afterwards and reached the level of 31,900 dollars per one bitcoin.

China has taken a number of restrictive measures against bitcoin lately. In mid-June, the authorities of Sichuan, one of China's largest provinces, banned the mining of cryptocurrencies.

In late June, the People's Bank of China banned local companies and payment systems from participating in cryptocurrency transactions. Following the move, the bitcoin rate fell below $30,000 for the first time since January, and many miners moved to the United States, Russia and Kazakhstan.

The Chinese authorities are concerned about high emissions of harmful substances into the atmosphere due to the high consumption of electricity during cryptocurrency mining. Experts estimate that the production of cryptocurrency worldwide emits 36.95 megatons of carbon dioxide per year, which corresponds to the level of emissions in an entire country, such as. for example, New Zealand.

Cryptocurrency mining