Cryptocurrency miners including HashCow and BTC.TOP have halted their operations in China after Beijing intensified its crackdown on Bitcoin mining and trading, hitting digital currencies amid increased oversight by international regulators .
“Cryptocurrencies bear the risks of large losses for investors and can affect the financial stability of the state and order in society. It is necessary to stop the chaos in the virtual currency market, ”the Chinese authorities are confident.
Earlier, Vice Premier of the State Council of the People's Republic of China Liu He announced the need to take measures against mining and crypto trading. He called for tougher regulation of the mining and trading of cryptocurrencies in China, but did not outline specific measures.
"Cryptocurrency mining consumes a lot of energy, which contradicts China's carbon neutral goals," explained Chen Jiahe, chief investment officer of Novem Arcae Technologies in Beijing.
Amid calls from the Chinese authorities to tighten regulation of digital currencies, the value of bitcoin fell by more than 12%. The main cryptocurrency is currently trading at around $ 36,000 per coin, according to CoinGecko.
