Three more provinces in China join blitz against Bitcoin mining

On top of the cost to the environment, Beijing is worried that Bitcoin's unfettered growth earlier this year will attract more retail investors in China to put their money into the cryptocurrency's mining and trading.
On top of the cost to the environment, Beijing is worried that Bitcoin's unfettered growth earlier this year will attract more retail investors in China to put their money into the cryptocurrency's mining and trading. PHOTO: REUTERS
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Three more provinces in China banned Bitcoin mining last week in the country's efforts to go green and remove the risks to financial stability.

China has been on a Bitcoin blitz since May, when Beijing announced a crackdown on Bitcoin mining and reiterated its ban on cryptocurrency trading.

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A version of this article appeared in the print edition of The Straits Times on July 19, 2021, with the headline Three more provinces in China join blitz against Bitcoin mining. Subscribe