Caixin
Nov 26, 2018 07:22 PM
FINANCE

As Bitcoin Falls, Chinese Miners Start Turning Off Their Machines

People attend the opening ceremony of world's first public bitcoin monument, placed at a roundabout in the center of the city of Kranj, Slovenia on March 13. Photo: VCG
People attend the opening ceremony of world's first public bitcoin monument, placed at a roundabout in the center of the city of Kranj, Slovenia on March 13. Photo: VCG

As the price of bitcoin continues to tumble, China’s cryptocurrency mining industry — one of the world’s largest — has come under pressure with some miners suspending operations.

Bitcoin has been trapped in a downturn, with its price plumbing depths as low as $3,585 on Sunday, marking the first time the cryptocurrency has fallen below $4,000 since it first rose above it. As of late Monday in China, bitcoin was trading at $3,973, according to data provider CoinMarketCap.

ladingImg
You've accessed an article available only to subscribers
Try 4 weeks for $0.99
SUBSCRIBE
Share this article
Open WeChat and scan the QR code
Copyright © 2017 Caixin Global Limited. All Rights Reserved.