Emmanuel Martinez • Jun 22, 2021

China Cracks Down on Bitcoin Miners, Bitcoin Falls Under $30,000

China Cracks Down on Bitcoin Miners, Wiping Bitcoins Profits on the Year

China’s Government ordered a halt to Crypto-Mining operations in the southwestern Chinese province. A report from the Communist Party-backed newspaper Global Times says that more than 90% of China’s Bitcoin mining capacity will be shut down. This is all amid supposed concerns over Bitcoins energy consumption. Some crypto enthusiasts argue that this path was taken by China because of the extreme discomfort that a decentralized currency could mean to Communist China. The People Bank of China urged Alipay (payment service run by Alibaba affiliate), and some major banks to put an end to crypto trading. China already banned financial institutions from providing crypto-related services in May of this year. In June 2019, the People's Bank of China took its first step against Cryptocurrency, releasing a statement saying it would block all access to all domestic and foreign cryptocurrency exchanges and Initial Coin Offering websites.

Bitcoin fell under $30,000 for the first time since 2020 today.