China continues to step up crackdown on local bitcoin miners

China has long been the biggest market for bitcoin mining, however, after the steps taken by the authorities of the country, the market does not seem to have a stable future in the country.

All of this is happening in the country while crypto trading is near the record highs around the world.

More people than ever before have started investing in the cryptocurrency market, however, the Chinese authorities say that they are failing to meet their environmental goals due to bitcoin mining.

As for the whole market, more and more people are choosing bitcoin and other cryptos as the asset to invest in. There are numerous online crypto exchanges around the world and the demand for their services has increased drastically.

The crypto trading market has become even more popular in recent years due to the fact that it is very easy to access for everyone. Thanks to the increased number of crypto trading bots in the market, there are millions of people who are able to trade cryptocurrencies in a much simpler way.

There are more people in the market who are using a Bitcoin trading bot because of all the benefits that it offers. Such trading robots make trading bitcoin as well as cryptos a lot easier. While the popularity of crypto trading is increasing around the world, China continues its crackdown on crypto miners. The authorities also showed their stricter views towards crypto trading.

China's crypto crackdown
China has long been a home for crypto miners around the world. In fact, the country has reported representing half of all bitcoin miners around the world. However, the country has recently called on crypto miners to leave the local market immediately.

Everything first started in May when the government of the country called a severe crackdown on bitcoin mining and trading. The situation is thought to have a huge impact on the crypto trading market on an international scale. This not only means the fact that the crypto mining destinations will change drastically, but it can also have an impact on the price of cryptocurrencies.

Some thought that the new stance of the Chinese authorities would not be as harsh in the main crypto trading hubs of the country, such as the Sichuan province of the country. However, the steps taken by the Chinese authorities have shown that they have no plans of being lighter with its regulations.

The extended crackdown of the Chinese authorities indicates how much the country really wants to curb crypto mining in the country. The Vice Premier of the country, Liu Hu promised the country last month that the country would do anything to severely crack down on "illegal securities activities" and punish those who are part of it.

Impact of China's crackdown
The impact of China's crackdown on crypto mining can already be seen in the cryptocurrency market. The price of bitcoin tumbled down 8 percent on Monday after China showed signs of stepping up its crackdown on cryptocurrency.

On Friday, authorities in the Sichuan province of China ordered as many as 26 bitcoin miners to stop operating and leave the market by Sunday. The biggest crypto around the world fell down to as low as USD32,950 as of 6 am ET. The cryptocurrency was down as much as 49 percent compared to April's high when bitcoin was selling over USD64,000.

But this is not all, there are many other things that it can result in. The mining companies that are leaving the Chinese market right now need other places to do their business. This means that many other countries around the world will see an increase in crypto miners.

Most probably, these companies will go with the parts of the world where energy is the cheapest.

Reasons behind China's decision
According to Chinese authorities, the major reason behind the steps taken by them is the concerts around the impact of crypto mining on the environment. Chinese authorities announced that they have failed to meet their environmental goals over the past few months, and according to them, the main reason for that is the bitcoin miners.

The impact of crypto mining on the environment has been discussed by a lot of people over the past few years. For example, Elon Musk, CEO of Tesla, said several weeks ago that mining has a huge negative impact on the environment. His company named the impact of crypto mining as the main reason to accept payments in bitcoin for car purchases.

In addition, there was a proposal passed in the United States to ban crypto mining in New York because of its impact on the environment. However, the bill was revised to only ban the activity of the miners that are not using clean energy. (TINN/2 days ago) https://www.newkerala.com/business-world-news.php