it had urged Alipay, the payments service run by Alibaba affiliate Ant Group, and some major banks to crack down on crypto trading. China has already banned financial institutions from providing crypto-related services.“When China sneezes, bitcoin catches a cold. But this flexing of regulatory muscle is often just that — in the past eight years, this story has risen its head at least three times.”
China’s crackdown appears to have led to a significant decline in bitcoin’s hash rate — or processing power — which has fallen sharply in the last month, according to data fromBitcoin’s network is decentralized, meaning it doesn’t have any central party or middleman to approve transactions or generate new coins. Instead, the blockchain is maintained by so-called miners who race to solve complex math puzzles using purpose-built computers to validate transactions.
This power-intensive process has led to growing concerns over the potential environmental harm of bitcoin, with everyone from
Source: Digital Coin News (digitalcoinnews.net)
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