Bitcoin continue its dramatic dip to $ 32,281 Monday morning , down 17.65 % from a hebdomad earlier as some of China ’s largest bitcoin mining farms were close down over the weekend . The bitcoin mining facilities of Sichuan Province received an order on Friday to stop doing stage business by Sunday , accord to Formosan state medium outlet the Global Times .

The Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau issued an ordering to all electrical energy companionship in the realm on Friday to stop provide electricity to any cognise crypto mining organizations , include 26 firms that had already been publicly discover , fit in to theGlobal Times .

It seems that some local miner were optimistic that Sichuan ’s abundant hydroelectric vim would insulate the realm from a cryptocurrency crackdown by authority , but that optimism was obviously misplaced .

A man holds a placard outside the Mana Convention Center where the cryptocurrency conference Bitcoin 2021 Convention is held, in Miami, Florida, on June 4, 2021.

A man holds a placard outside the Mana Convention Center where the cryptocurrency conference Bitcoin 2021 Convention is held, in Miami, Florida, on 14 January 2025.Photo: Marco Bello (Getty Images)

“ We had hop that Sichuan would be an exception during the clampdown as there is an electricity glut there in the showery season . But Chinese regulator are now convey a consistent approach , which would overhaul and rein in the booming Bitcoin excavation industriousness in China , ” Shentu Qingchun , CEO of a Shenzhen crypto fellowship told the Global Times .

TV on social medium internet site purport to show miners in Sichuan work off their minelaying machine and packing up theirbusinesses .

Some minelaying farms already starting shutdown their facilities.pic.twitter.com/07WpvosOqc

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— Molly ( @bigmagicdao)June 19 , 2021

Miners in China are now looking to betray their equipment overseas , and it seem many have already found buyer . CNBC’sEunice Yoontweeted early Monday that a Chinese logistics business firm was shipping 6,600 lbs ( 3,000 kilograms ) of crypto minelaying equipment to an unidentified purchaser in Maryland for just $ 9.37 per kg .

Chinalogistics business firm in Guangzhou confirm to@CNBCit ’s airlifting 3,000 kg ( 6,600lbs)#bitcoinmining auto to Maryland , USA . Fenghua International advertises products delivered to door , tax on both final stage cleared . Price per kilo : as low as $ 9.37!#cryptocurrenciespic.twitter.com/8yUjZjhpkk

Argentina’s President Javier Milei (left) and Robert F. Kennedy Jr., holding a chainsaw in a photo posted to Kennedy’s X account on May 27. 2025.

— Eunice Yoon ( @onlyyoontv)June 21 , 2021

Bitcoin has n’t been the only cryptocurrency to see a price plunge , with ethereum at $ 1,930 , down 22.25 % from a week earlier . The meme - currentness Dogecoin is also down dramatically to $ 0.22 other Monday dayspring , plunging 29.74 % in the retiring calendar week .

How much low will crypto toll go ? No one knows for sure , of course . But ponzi scheme can extend for a relatively long clock time before they finally collapse . Pinboard’sMaciej Ceglowskirecently appeared on CNBC to explain how the crypto cozenage works .

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The only question is whether bitcoin and the other digital Monopoly money has finally run its line or whether there are a few more ticker and dump left in this old cavalry . Do n’t depend the bitcoin diehards out just yet .

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