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The deadly cause of China’s crackdown on crypto mining
China’s crackdown on crypto mining was triggered by deadly coal accidents.
There’s been a surge in illicit coal extraction… endangering lives and undermining Xi Jinping’s environmental goals.
New information from Bloomberg reveals “authorities decided to act on the spike in electricity consumption” from server farms underpinning Bitcoin.
This is a key factor to rising demand for coal in certain parts of China.
Rising coal demand prompted some producers to restart idled mines without official approval, leading to higher safety risks and a jump in deadly accidents this year
About 65 per cent of the world’s Bitcoin mining took place in China as of April last year.