THE cryptocurrency market has plunged once again as China cracked down on cryptocurrency mining.
Bitcoin is currently sitting at around 50% of its all time high, although a small rebound this morning saw its value rise from $32,000 to $36,000.
The Ethereum, Cardano and Dogecoin currencies are also suffering though all three remain significantly up on where they were at the start of 2021.
Mining for cryptocurrency isn’t actually a physical enterprise, rather it involves extremely sophisticated computers figuring out complicated maths problems in order to process crypto transactions.
Roughly 70% of all the world’s cryptocurrency mining takes place in China.
There are serious environmental concerns about the amount of energy required to carry out these transactions – something China is using as the framework for launching its crackdown.
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