KUALA LUMPUR — China’s sweeping ban on cryptocurrency mining delivered a blow to an industry criticized for its environmental impact, but emissions from the sector could grow as a result unless other countries follow China’s lead, climate and tech experts said.
Bitcoin’s value tumbled last week after China’s central bank urged banks and payment firms in the country to crack down harder on cryptocurrency trading, in the latest tightening of restrictions on the sector by Beijing.
This was good news for climate activists, who have voiced concerns over the potential for the energy-hungry cryptocurrency mining industry to disrupt international efforts to rein in global warming.
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Keep on reading: China’s bitcoin crackdown sparks fears of dirtier crypto-mining