Say No To Mining! China Banks Stop Supporting CryptoCurrency

Say No To Mining! China Banks Stop Supporting CryptoCurrency

Crypto-currency surely looks like the future of the economy, even though many of the elite business dealers also believe in that theory.

Because nowadays people are very much into the crypto market and interested in digital currency. Since Elon Musk started showing his pure interest in Bitcoin and tried to become the ultimate holder of it.

Bitcoin mining farm. IT hardware. Electronic devices with fans. Cryptocurrency miners.

But from crypto, there’s another term that comes to our mind and that’s crypto-mining. Yes! Crypto Mining has damaged the Graphics Card market and raised its price badly.

In Asian countries such as Pakistan and China, the prices of GPUs are climbing the ladder of highly expensive.

Source: Make Use of

Especially in Pakistan Graphics Card prices touching the sky undoubtedly because of the same issue Crypto mining, which made the market worse than ever. 

Cryptocurrency no doubt destroying the value of paper money and even Banks are supporting digital money. In which China raised its voice and asked banks to stop supporting cryptocurrency due to its heavy mining.

China Asked Bank Not To Support Cryptocurrency

Source: Techstory

Yesterday China took a stand against Cryptocurrency and asked every transaction platform along with the banks to stop supporting digital coins. It all happened when on Friday an order follows to shut down Bitcoin mining operation in Sichuan province.

Everyone is aware of April’s big collapse in the crypto world where Bitcoin fell by around 50% and many of the investors lost millions of money in it.

Gold bitcoin on statistics and financial charts over cryptocurrency values and prices. Virtual money or blockchain cryptocurrency.

On Monday China’s central bank, the People’s Bank of China (PBOC) released a statement that “it had recently summoned several major banks and payments companies to call on them to take tougher action over the trading of cryptocurrencies.”

In return for the statement, China’s third-largest asset, the Agricultural Bank of China said, “it was following the PBOC’s guidance and would conduct due diligence on clients to root out illegal activities involving cryptocurrency mining and transactions.”

Source: Ecommerce News

Not only that, one of the finest Chinese and mobile payment platforms ‘Alipay’ came forward and also showed their support to the government. “We would set up a monitoring system to detect illegal cryptocurrency transactions.”

Since the announcement made regarding the mining shutdown, the latest report came which shows that China in last year accounted for 65% of global Bitcoin production as per the research conducted by the ‘University of Cambridge’.

GPU’s Prices in China Fall Down-Great News!

Source: Google

The moment news about the shutting down crypto mining operation in Sichuan province, the prices of the Graphics Card have dropped to 45% and that’s a piece of great news for all the gamers.

Sichuan was the only last hub for the crypto mining has been abundant and no doubt it has become antagonistic towards the cryptocurrency.

Source: The Verge

Before the shutdown, the GeForce RTX 3060 was about $1,531 in May and now as the prices have been dropped the same GPU is about $835. Are you looking at the big major difference in the price?

Within 3 days price fallen like that and it’s just one of the 3000 series editions price.

The Crypto world isn’t secure enough right now, investors are even pulling out their money to play safe. Because as per the experts there might more fall prices can be seen in Bitcoin due to the so-called price chart phenomena known as “Death Cross”.

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