China regulates BitCoin (BTC) mining.

At present the cryptocurrency market is in a slight recovery after living a bloody week as many called it, in that week BTC prices plummeted more than 40% of its value making the market shudder. This happened after the Asian giant China decided to regulate the operation of cryptocurrencies and especially BTC.

In recent days China has created a harsh repression against the use and trade of BTC, this repression has generated that miners are in the need to have the mining process in that country, China is currently the leader in mining BTC as this mining process provides 70% of the BTC offered in the market by wanting to stop this process is logical that the market will be affected. This situation has generated a high degree of uncertainty in BTC mining, causing prices to plummet.

Companies such as HashCow, BTC.TOP and Huobi, which are in charge of mining BTC in the Asian country, have had to stop their mining operations due to the restrictions imposed by China. A committee of the State Council headed by Vice Minister Liu He announced the measures that his country decided to take against the use and mining process of BTC in order to defend itself from the possible financial risk that this process may cause to China.

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These decisions taken by China have impacted the market in a negative way, as the prices of cryptocurrencies have been affected by the collapse of the BTC, China has communicated that these restrictions not only try to reduce the financial risk but also the impact that this mining process is causing to the environment. According to their reports the computers that are used for this mining process consume more than a ton of computing power and electricity generating a high cost in the impact on the environment.

All of the above makes us think that the market recovery may take longer than expected, because until the specific measures that China will implement to regulate the process of mining BTC are not indicated, the uncertainty that reigns in this sector will continue and the production of BTC will fall directly affecting the market or simply the market will stabilize while this whole situation is clarified.