Bitcoin is plunging into a plug on crypto mining in China’s Sichuan Province

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A man holds a placard outside the Mana Convention Center where the cryptocurrency conference Bitcoin 2021 Convention is held, in Miami, Florida, on June 4, 2021.
Photo: Marco Bello (Getty Images) – State media reports in China It might come offline 90% of China’s bitcoin mining. Bitcoins continued to fall dramatically, down 17.65% from the previous week, on Monday morning at $32,281, when Chinese mining firms were shut down at several of China’s largest. According to Chinese state media outlet Global Times, the Sichuan Province’s bitcoin mining facilities were ordered on Friday to stop doing business by Sunday.

On Friday, the Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau ordered all of the regional electricity companies, including 26 firms that have already been publicly identified, to cease to provide power to any known crypto mining organizations according to the Global Times.

Some local miners seemed optimist about the fact that the hydroelectric abundance of Sichuan’s energy isolates the region from authorities’ cryptocurrency attacks, but that optimism was evidently misplaced.

“We hoped that in the rain season there was a glut of electricity Sichuan would be an exception during the clampdown. But China’s regulators are now adopting a standardized approach to overhaul and rein in China’s booming Bitcoin mining industry,” Shentu Qingchun, CEO of the crypto-company in Shenzhen told Global Times.

Vidéo showing miners in Sichuan turning off their mining machines and packing their businesses on social media sites.

Miners are now looking in China to sell their equipment abroad, and many seem to have found purchasers already. Early Monday, CNBC’s Eunice Yoon tweeted that the Chinese logistics company would deliver crypto-mining equipment for a mere $9.37 per kilogram for 6,600 lb (3,000 Kilo) to an unknown buyer in Maryland.

Bitcoin wasn’t the only cryptocurrency with a price drop, at $ 1,930, down 22.25 percent from a week before. The meme-currency Dogecoin also dropped dramatically, droping 29.74 per cent in the past week, to $0.22 early Monday morning.

How much lower are crypto prices going to go? Naturally, nobody knows for sure. But ponzi schemes can last quite a long time before they collapse at last. Maciej Ceglowski from Pinboard has recently appeared in CNBC to explain the functioning of crypto scam.

The only question is, has it gone or is it left in this old horse if Bitcoin and the digital monopoly money has finally been gone. Just don’t count out the bitcoin diehards.