Takes aim crypto mining once again

By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.


Ether, the second largest digital token after bitcoin, slid more than 8% on Tuesday to $4,297, the worst level in two weeks.

This is not the first time this year that Beijing has pledged to crack down on crypto mining.

China has intensified its efforts to clamp down on cryptocurrency since May, when it banned the trading of cryptocurrency and said it would scrutinize mining operations in the country.

China accounts for more than 75% of bitcoin mining around the world, according to research published by the peer-reviewed journal Nature Communications in April.

Despite its fall this week, bitcoin is still having a banner year. The cryptocurrency has surged about 110% in 2021. Last week, it hit a record high of $69,000.

China is taking aim at crypto for a few reasons.

Takes aim crypto mining once again

She also said that crypto production and trade produces “prominent risks,” and blasted the industry as “blind and disorderly.”

As part of its new push, the NDRC said it would raise electricity prices for any institution found to be abusing its access to subsidized power to participate in crypto mining. Authorities have traditionally offered schools, community centers, or other public welfare institutions lower prices for electricity.

The price of bitcoin fell after the remarks, diving more than 7% to $60,889, its lowest value in more than a week.
While the reason for the plunge was not immediately clear, it coincided with the NDRC press conference.

Takes aim crypto mining once again gb743

Authorities see the currencies as a big financial risk, and as a way that people can evade strict national controls on capital, and want to reign in such practices. The restrictions on decentralized currencies like bitcoin also comes as the government rolls out a digital version of the yuan, which would allow China’s central bank exercise more control over the flow and exchange of money.

Beijing is also trying to meet its climate targets to become carbon neutral by 2060, and crypto mining could threaten that.
The practice is energy-intensive and consumes a lot of computer power, as it requires machines to solve complex series of algorithms to verify transactions.

Takes aim crypto mining once against

By Laura He, CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

Takes aim crypto mining once against us

By Laura He, CNN Business

Updated: Tue, 16 Nov 2021 08:46:21 GMT

Source: CNN Business

Chinese authorities are ramping up a crackdown on crypto mining, calling it an “extremely harmful” practice that threatens to jeopardize the country’s efforts to reduce carbon emissions.

The National Development and Reform Commission spokesperson Meng Wei blasted bitcoin mining during a press conference Tuesday in Beijing. She said that activity “consumes lots of energy” and “produces lots of carbon emissions.”

Meng said that the NDRC — the country’s top economic planner — will launch a “full-scale” clampdown on cryptocurrency mining by focusing on commercial mining and the role of state-owned businesses in the industry.

Takes aim crypto mining once against a

Binance US for a second. This dragged the entire market down, but it seems that prices are now recovering.

The bulls quickly bought the support line at $3,900 after the price was rejected, showing that this move has the strength to push us above the key resistance at $4,380, which is also the ETH all-time high.

ETH Price Technical Indicators

Volume: The volume is increasing by the hour, which is very bullish, and another attempt to move beyond the all-time high seems to be right around the corner.

RSI: On the daily timeframe, the RSI has crossed over the 70 points level, this signals a bullish market and that bulls are in control of the price action.

MACD: The histogram is showing higher highs for the past three days with no signs of weakness.

The bias remains bullish as long as the MACD stays on the positive side.

Bias

The ETH bias can be considered as extremely bullish, with the price having recently been rejected from the all-time high by a very thin margin and now recovering.

At the time of this writing, ETH is attempting another break of resistance. It’s interesting to see, though, if the bears will reject the price once again at this key technical and psychological level.

Short-Term Price Prediction for ETH

It’s important to keep a very close eye on the price action around the $4,380 level.

An imminent break of this key level can lead to a rapid increase in price for Ethereum. When that happens, the next levels of resistance can be found around the psychologically round numbers like $5,000 and $6,000.

Bitcoin’s “trust-minimizing consensus” is enabled by its “proof-of-work” algorithm. New sets of transactions (blocks) are added to the blockchain by “miners.” This intensive computational activity cryptographically secures the virtual currency, approves transactions, and as a reward, creates new Bitcoins for miners as payment.

In the competition over validating blocks of transactions, miners consume an insane amount of power.

The ever-expanding network of mining rigs in the Bitcoin network consume more electricity than a country the size of Sweden.⁸ Inefficient by design, over time the algorithm is adjusted by protocol to ensure that all the miners in the Bitcoin network will only produce one valid block every 10 minutes on average. As the network grows, the math that miners must complete gets increasingly difficult and computationally intensive to hash out.

The popular online gaming platform Steam saw more than a 20-percent uptick in purchased games and a more than 50-percent increase when it comes to hours played during 2020. It makes sense—with nowhere to go, digital worlds provide the next best thing to an actual escape.

The shortage wasn’t all about gamers, however.
Another factor has been at play: digital currencies. The value of various cryptocurrencies has exploded recently as the internet-based coins gain more mainstream acceptance.
Elon Musk’s frequent tweets—as well as news of Tesla’s substantial Bitcoin investment—have also helped to drive the value increase.

While users can buy cryptocurrency, it’s also possible to “mine” it by using computer arrays to solve complex math problems to unlock more of the digital coins.

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