Miners cryptocurrency fully or partially stopped their work in China, writes Reuters. In the cryptocurrency market, chaos began due to the actions of the authorities who want to tighten the rules of production and trade in batkeins.
In the country no longer work companies for mining cryptocurrency BTC.TOP and HASHCOW. The Huobi Exchange also announced the suspension of the production of digital currency and customer service from the mainland China. “The mining consumes a lot of energy, which is contrary to China’s target neutral targets,” said Novem Arcae Technologies Investment Director Chen Jayete.
He also added that China’s authorities want to stop the speculative trade in cryptocurrency. The annual energy consumption by Chinese miners is expected to reach the peak in 2024 and will be about 297 terravatt-hours, which exceeds all the energy consumption of Italy in 2016.
Information agency PRC “Xinhua” has released material under the heading “urgently stop the hype and chaos around the virtual currency” with criticism of Bitcoin. Investors and financial institutions were recommended not to participate in the sale of the asset.
Beijing in May announced that cryptocurrencies cannot be used as a means of means. China accounts for a significant proportion of mining and production of equipment for it.
Bitcoin’s price collapsed almost half compared to the annual maximum. On May 23, he lost 13 percent, on March 24, Bitcoin was able to play a little fall and now costs 38.6 thousand dollars for a coin.