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.

East China’s Anhui will close all local #cryptocurrency mining projects amid tightening power supply, local media reported on Wed. By now, nearly 90% of #China's #Bitcoin mining capacity has been shut down. https://t.co/SGcK5L9j7E pic.twitter.com/Rsd1ln3zXw

— Global Times (@globaltimesnews) July 14, 2021

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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.

The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of virtual currency mining. At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it. pic.twitter.com/kgDY1msDQ5

— Wu Blockchain (@WuBlockchain) July 14, 2021

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.

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