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Bitcoin falls in price after new mining ban in China

In Anhui province, all cryptocurrency mining farms will be closed amid power outages. To date, up to 90% of mining companies in China have stopped working.

In the Chinese province of Anhui, all mining farms will be closed, according to the state run Global Times. After the message about this, the bitcoin rate dropped below $ 32 thousand.

On the morning of July 14, the bitcoin rate at the moment dropped to $ 31.6 thousand, the first cryptocurrency is trading at $ 31.8 thousand, over the past day it has fallen in price by 3.4%.

The State Grid Corporation of China has notified all regions of the country about the need to completely stop mining cryptocurrencies, journalist Willie Wu said.

By now, about 90% of mining companies in China have ceased operations. Calls for the introduction of tough restrictions on mining and crypto trading came from the Chinese authorities back in mid-May.

Then, bitcoin was trading at $ 40 thousand. In June, four provinces of China completely banned the mining of cryptocurrencies, and banks and other financial institutions of the PRC were banned from conducting operations related to digital assets.

Read More***Bitmain will help Chinese miners move equipment to other countries

***Central Bank of China instructs to close the company in Beijing for cryptocurrency trading

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