Because bitcoin has lost 40% of its record highs

Because bitcoin has lost 40% of its record highs

The state of health is affected by the partial reverse of Elon Musk. And China, which hosts 75% of mining operations, further restricts cryptocurrency operations

photo: Pixabay New restrictions in China on cryptocurrency operations, with a ban on financial institutions and payment companies from providing services transaction: banks and online channels will not be able to offer any registration, trading, clearing and settlement services with bitcoins and the like. It is a further crackdown on the measures implemented since 2017, when China closed local exchanges, stifling a market that was worth 90% of global bitcoin trading. In June 2019, the People's Bank of China blocked access to domestic and foreign Initial coin offering and trading sites. Formally, there is no ban on owning cryptocurrencies, but now three industry associations (related to the banking, fintech and payments sectors) have warned investors about speculative cryptocurrency transactions.

The news comes in a not excellent moment for bitcoin, which lost about 40% in a month, from the almost 65 thousand dollars touched in mid-April, to just over 39 thousand in the morning (in any case + 320% compared to the previous year). The largest cryptocurrency in the world, by value and market capitalization, has returned to February levels, erasing all the gains recorded since the purchase of $ 1.5 billion by Tesla. Thus continues the descent of crypto, started by a partial reverse of Elon Musk on transactions with bitcoin, worried about the environmental impact of mining, especially coal, an announcement that in the space of a weekend caused a decrease of 15% for the currency in blockchain.

According to a study published in Nature Communications, more than 75% of mining capacity is concentrated in China, where the provinces of Xinjiang and Inner Mongolia host the main coal-fired crypto factories, according to a study of the University of Cambridge. However, Il Dragone is also home to major hydroelectric power plants, such as Sichuan and Yunnan. Globally, this form of energy enables 62% of hash functions, compared to 38% for coal and 36% for natural gas (followed by other sources). The Asia-Pacific region is the one that relies most on coal: 65%, compared to 20% in Europe and 28% in North America. Hydroelectric sources boast use ranging from 60% in Europe to 67% in Latin America, passing through 65% in Asia-Pacific and 61% in North America.

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Environment Bitcoin China Cryptocurrencies Elon Musk Tesla globalData.fldTopic = "Environment, Bitcoin, China, Cryptocurrencies, Elon Musk, Tesla "

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