As Bitcoin Falls, Chinese Miners Start Turning Off Their Machines
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.
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