The mining of Bitcoins needs power. If it is mainly generated by burning coal, Bitcoin mining quickly becomes an environmental problem. This is why China’s authorities want to crack down on crypto-mining even harder: The practice is “extremely harmful” and jeopardizes the country’s efforts to reduce its CO2 emissions, National Development and Reform Commission spokesperson Meng Wei said Tuesday. Institutions that “abuse” subsidized electricity rates to mine cryptocurrencies would face a price hike. Following her remarks, the bitcoin price dropped more than seven percent to $60,889, the lowest in more than a week. Ethereum, the second-largest digital currency, also slid more than eight percent on Tuesday.
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