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China intensifies crackdown on bitcoin mining

China's Sichuan province announced over the weekend that it would shut down major Bitcoin mines. It's the latest local crackdown on cryptocurrency mining, which stands to have a significant impact on the world's crypto processing power. China is wary of the potential for money laundering with bitcoin transactions and also says that mining the cryptocurrency is too damaging to the environment. The increased restrictions on the industry are driving out Chinese bitcoin miners, who are looking to other countries as a new location.

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