China plans to veto bitcoin mining

The situation in the cryptocurrency market has not been the best for a long time. In addition, many countries have introduced various regulations that have not helped much. China is a country where Bitcoin and other currencies have struggled. Now, the country's government is considering betar mining the popular currency.

China plans to veto Bitcoin mining

The argument that is given for now is to reduce consumption and energy needs involved in mining these coins. Although there are some media that question these claims.

Bitcoin in trouble in China

The drop in value in the Bitcoin market, added to the rise in the price of electricity in China, in addition to the country's energy needs, are a dangerous combination. Since it can mean the end of the mining of said currency, or others. So the government is seriously considering introducing such a veto into the country. Since mining in the country is very popular and has a great dimension.

Something that significantly affects energy consumption, which is seen as a loss of efficiency. It does not cost to mine the cryptocurrency, since it generates little value and has too high an environmental impact.

At the moment it is not known if this ban will finally be introduced in China. We know that the government is considering it. But whether it will finally happen or not is still in doubt. But it could pose a major problem for Bitcoin, which is not that it is going through its prime.

Bloomberg font