On Tuesday, bitcoin and other cryptocurrencies fell from near-record highs.
During late morning transactions in Singapore, the world’s largest digital coin fell below $60,000. According to Coin Metrics data, it was trading for roughly $60,542 at 9:26 a.m. London time (4:26 a.m. ET) at 9:26 a.m. London time (4:26 a.m. ET), down 5% from the previous day.
During a news conference on Tuesday, China’s state planner, the National Development and Reform Commission (NDRC), stated that it would continue to clean up virtual currency mining in the country.
China’s crackdown on bitcoin mining earlier this year resulted in a mass exodus of miners. Mining is an energy-intensive method that both creates new currencies and keeps track of all existing digital token transactions.
The amount of energy utilised by mining is a source of concern for Beijing.
Mining “consumes a lot of energy and generates a lot of carbon.” According to a CNBC translation of NDRC official Meng Wei’s Mandarin words, “it has no active impact on leading industrial development or scientific progress.”
“Regulating cryptocurrency mining activities is critical to optimising our industrial structure, reducing energy consumption and emissions, and achieving carbon emission and neutrality goals.”
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