Bitcoin falls as China takes aim once again at 'extremely harmful' crypto mining
CNN
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. She also said that crypto production and trade produces "prominent risks," and blasted the industry as "blind and disorderly."
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