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
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

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
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.

  • We are part of the Trust Project What is it?
READ FULL ARTICLE