China tackles bitcoin-linked coal, shakes up markets

The Chinese intervention against cryptocurrencies, at the origin of a historic upheaval on the whole market, would not be solely linked to the desire to contain speculation around these digital currencies, while promoting its e -yuan. According to Bloomberg information, Beijing has also decided to act against the sector after making the link between the recent cryptocurrency boom and the increase in illegal coal mining in mines that have been shut down. This renewed activity is not only at the origin of the multiplication of accidents underground, but also ruins the efforts of the authorities against pollution and climate change.

One of the factors, according to an anonymous source from the financial agency, who attended state summit meetings, is the surge in electricity consumption by server farms that verify and validate cryptocurrency transactions. resulting in increased demand for coal. Certain producers of fossil fuels which supply numerous power stations then resumed without official authorization, the extraction in the stopped mines. Despite the implementation of a number of restrictions on cryptocurrencies, bitcoin mining is tolerated in some parts of China as it is a welcome source of income. The central power has therefore made announcements to curb this dynamic.

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