China reportedly wants to curtail wasteful bitcoin mining
China is reportedly seeking an "orderly exit" from bitcoin mining , according to a leaked document seen by Quartz . The nation's internet finance regulator is asking local governments to strongly encourage firms to quit the business by jacking up power prices and and issuing stronger environmental rules. The government is reportedly concerned about pollution and the havoc that could be triggered by investors who lose money investing in mining and cryptocurrency. "Currently, there are some so-called 'mining' enterprises that produce 'virtual currencies,'" the January 2nd document reads. "They have consumed huge amounts of resources and stoked speculation of 'virtual currencies." Two-thirds of the world's power consumed from bitcoin mining comes from China, Quartz notes, and unfortunately a lot of that electricity is dirty. Mining operations have set up shop near coal-fired power plants, which produce cheap electricity but al...