Kyrgyzstan’s State Committee for National Security (SCNS) shut down 500 cryptocurrency mining farms a local news site called 24 reported Saturday, ostensibly so they could no longer put undue strain on the country’s power grid. “More than 500 mining farms illegally connected to power grids have been revealed,” SCNS said in a statement that was published…
China’s move to shut down cryptocurrency mining operations is having a profound effect on the crypto market. CoinDesk today reported that Bitcoin’s price fell below $30,000 for the first time since January as its value dropped by around 10% in 24 hours. Other cryptocurrencies followed suit. This decline has all but undone the massive gains…
China is single-handedly undermining the crypto market as it forced widespread closures of mining operations across the country, leading to a decline in the network hashrate for both Bitcoin and Ethereum. In fact, one province has had 90% of its Bitcoin mining capacity shut down. Coindesk also reported that The People’s Bank of China (PBOC)…