Topline

The value of major cryptocurrencies—including bitcoin, ethereum, cardano and ripple—fell Wednesday after China’s Anhui province announced sweeping plans to ban cryptocurrency mining, the latest region to block the power-hungry practice as Beijing intensifies its crackdown on the industry.

Key Facts

Bitcoin fell roughly 4% Wednesday morning to just over $31,500 a token, its lowest point in nearly three weeks, after the province announced plans to phase out cryptocurrency mining within three years.

The ban, reported on by Bloomberg and Reuters citing state media, is intended to help ease expected power shortages in the province and tackle growing demand for electricity.      

China is the source of the majority of the world’s cryptocurrency trade—a 2020 study found it to account for nearly 80% of global bitcoin operations—though Anhui is not a major location for miners. 

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