The mining of bitcoin requires massive amounts of electricity to run the large computer server arrays needed to do the complex calculations required for cryptocurrency transactions. Photo: Bloomberg
Bitcoin mining set to wane in China as green concerns and financial risks see Beijing ramp up the pressure
- Beijing is ramping up the pressure on bitcoin miners amid growing green ambitions and rising concerns over the financial risks posed by cryptocurrencies
- Cryptocurrency mining operations have already been targeted by a number of Chinese municipal and provincial governments, and pressure set to intensify
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The mining of bitcoin requires massive amounts of electricity to run the large computer server arrays needed to do the complex calculations required for cryptocurrency transactions. Photo: Bloomberg
Corrected [1:58pm, 26 May, 2021]
- [1:58pm, 26 May, 2021]
The original version of this article reported that creation and trade of cryptocurrencies were made illegal in 2019 when it was, in fact, 2017.
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