Uncategorized
China anticipates major crackdown on cryptocurrency
China has dealt another blow to its ever-changing cryptocurrency industry
One of the countries major provinces has pledged a crackdown on the practice and will now shut down all crypto mining projects within the next three years due to a power supply shortage.
Cryptocurrency prices continued to drop overnight, with Bitcoin down just over 4 percent, Ethereum down 6 percent, and XRP down 5 percent.
Going forward, the practice will rework its regional energy system. This includes strictly controlling projects that require large amounts of energy and power and constructing new data centers in a more centralised way.
Want to hear more about Crypto? Hear the latest from our resident experts on Ticker Crypto