China has extended its iron-fisted crackdown on using and trading bitcoin to the industry that oversees the mining of new cryptocurrency tokens.
The new steps from Beijing were unveiled late on Friday. They roiled crypto markets over the weekend and pushed crypto miners to suspend some business in China, creating uncertainty about a critical step in the process needed to put more of these coins in circulation.
Chinese Vice Premier Liu He told a group of finance officials on Friday that the government would "clamp down on bitcoin mining and trading activity" as part of its goal to achieve financial stability. The government didn't elaborate on specific policies targeting mining or trading.
China mines more bitcoin than anywhere else. The government wants that to stop
Will Bitcoin devs need to raise the bar for becoming a miner? It seems like environmental concerns are going to keep pressure on the network.
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i think the bitcoin miners need to change the source of mining energy to other one like solar renewable energy for mining.
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