Bitcoin falls in price after new mining ban in China

All cryptocurrency mining farms in Anhui province will be shut down amid power outages. Up to 90% of mining companies in China have now ceased operations.

East China’s Anhui will close all local #cryptocurrency mining projects amid tightening power supply, local media reported on Wed. By now, nearly 90% of #China's #Bitcoin mining capacity has been shut down. 

https://twitter.com/globaltimesnews/status/1415153500808351746

All mining farms will be shut down in Anhui province of China, the state-run Global Times reported. After the report bitcoin rate fell below $32 thousand.

On the morning of July 14, the bitcoin rate momentarily fell to $31.6 thousand. As of 9:55 Moscow time, the first cryptocurrency is trading at $31.8 thousand, it has fallen in price by 3.4% over the past 24 hours.

The State Electricity Grid Corporation of China has notified all regions of the country to completely stop mining cryptocurrencies, journalist Willie Wu reported.

The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of virtual currency mining. At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it.

By now, around 90% of mining companies in China have ceased operations. Calls for tough restrictions on mining and crypto-trading came from Chinese authorities back in mid-May. At that time bitcoin was trading at the level of $40 thousand. In June, four provinces of China completely banned mining of cryptocurrencies and banks and other financial institutions of the PRC prohibited transactions related to digital assets.

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