90% of China's Bitcoin mining has been stopped, says state officials

Chinese officials have said to China's state-backed media that 90% of the Bitcoining mining in the country has been stopped.

@Jak_ConnorTT
Published Thu, Jun 24 2021 3:06 AM CDT   |   Updated Wed, Jul 21 2021 8:25 PM CDT

The price has Bitcoin sharply declined in recent days/weeks, and the drop in price across basically the entire cryptocurrency market can be attributed to one thing.

90% of China's Bitcoin mining has been stopped, says state officials 01 | TweakTown.com

The price of the following cryptocurrencies plummeted on Monday; bitcoin, Ethereum, Cardano, dogecoin, and more, after China announced that it was targeting Bitcoin miners located in Sichaun. The effort made by China to shut down Bitcoin miners in Sichaun is a part of a nationwide effort to reduce electricity. According to Forbes, China is the number one country when it comes to Bitcoin operations, accounting for nearly 80% of all operations globally.

Additionally, Sichaun is the province that holds the second most Bitcoin mining, and due to the shutdown, Bitcoin's hash rate plummeted. According to Chinese state media, the Global Times, local Chinese authorities have said that the country's latest crackdown on the cryptocurrency has reduced China's Bitcoin production by more than 90%. For more information on this story, check out this link here.

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NEWS SOURCE:forbes.com

Jak joined the TweakTown team in 2017 and has since reviewed 100s of new tech products and kept us informed daily on the latest news. Jak's love for technology, and, more specifically, PC gaming, began at 10 years old. It was the day his dad showed him how to play Age of Empires on an old Compaq PC. Ever since that day, Jak fell in love with games and the progression of the technology industry in all its forms. Instead of typical FPS, Jak holds a very special spot in his heart for RTS games.

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