China continues to wage war on Bitcoin mining
Bitcoin continues its fierce war on digital currencies, especially Bitcoin, and this has developed into realistic measures by waging a war on Bitcoin mining farms. The continuous Chinese pressure on Bitcoin has caused the value of the latter to decline in the past weeks and months
And the international media had pointed out the wave of strict new measures against bitcoin mining companies in the Chinese province of Sichuan, which is considered the second largest producing province of digital currencies in China in general and bitcoin in particular after the province of Xianjiang, which eventually led to the closure of Dozens of specialized companies are mining bitcoin and digital currencies, and this was reinforced by a new law prohibiting these activities at the end of last week.
Day after day, China is proving its desire to fight digital currencies in general and bitcoin in particular, as it sought with all its might to ban bitcoin mining farms, in its efforts that began a while ago and seeking to clamp down on digital currencies, especially bitcoin, and the sources indicate Chinese mining farms alone monopolize 70 percent of the world’s mining power, which means a fatal blow to this cryptocurrency, and the international news agency Reuters indicated earlier last month that companies active in this field such as HashCow and BTC. TOP will already close all or part of its activities in China.
In addition, the price of the cryptocurrency Bitcoin has currently fallen to a value of 32,000 USD, after China imposed restrictions on investing in cryptocurrencies, as Beijing banned Chinese banks and payment companies from providing services related to cryptocurrency transactions. It also warned investors not to speculate on cryptocurrency, and three state-backed organizations, the National Internet Finance Association of China, the China Banking Association, and the China Payment and Clearing Association, last month warned users on social media, as these agencies said consumers were They will not enjoy any protection if they incur any losses from investment transactions in cryptocurrencies, referring to the extreme volatility of these currencies, which she accused of disrupting the normal economic and financial system.