China is still weakening the crypto market on its own Forced widespread closure of mining operations Nationwide, it leads to lower network hash rates for both Bitcoin and Ethereum. In fact, according to China’s Global Times, 90% of Bitcoin’s mining capacity is closed in some states.Coin desk report The People’s Bank of China (PBOC) has issued new restrictions prohibiting banks from providing services that facilitate transactions, including cryptocurrencies. Not surprisingly, the value of both Bitcoin and Ethereum plummeted in today’s trading.
Translated version of PBOC statement “The speculative activity of cryptocurrency trading disrupts the normal economic and financial order, creates risks of illegal and criminal activities such as illegal cross-border asset transfers and money laundering, and seriously secures people’s property. Infringe. “
The value of Bitcoin, Ethereum and other coins fell shortly after the announcement. According to the CoinDesk price index, Bitcoin prices have fallen by about 4% at the time of writing, and Ethereum prices have fallen by more than 6%.
Both cryptocurrencies were already suffering from Chinese regulation.Reuters Said Sichuan officials told miners on June 18 to close by June 20.Bloomberg report That day, Bitcoin and Ethereum prices fell 5.5% and 5.9%, respectively.
The crackdown on Sichuan continued in Inner Mongolia, Qinghai, Xinjiang, and Yunnan. Prohibition of cryptocurrency mining.. These are the most productive mining regions in the world’s most productive mining countries.No wonder The market is creepy..
Cryptocurrency mining business could be relocated to circumvent Chinese regulations — El Salvador Especially enthusiastic To adopt Bitcoin — but for now, they seem to be completely shut down. It will probably take some time to recover from it.
The decline in the value of major cryptocurrencies may be good news for hardware enthusiasts, but with ASRock Said last week Decreased demand from mining businesses can lead to lower prices for supply-constrained graphics cards.
https://www.tomshardware.com/uk/news/bitcoin-prices-fall-china-mine-closures China shuts down crypto miners and issues new restrictions