Mining

Cryptocurrencies tumble amid China crackdown on bitcoin miners

TOKYO: tumbled on Monday as China’s crackdown on bitcoin mining expanded to the province of Sichuan.

Bitcoin fell to as low as US$32,288 for the first time since June 8, and was last down 7.9per cent at around US$32,781.

Smaller rival ether dropped below US$2,000 for the first time since May 23, before trading 10per cent lower at 2019.01.

Cryptomining is big in China, accounting for more than half of global bitcoin production.

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