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Chinese authorities ordered the closing of operations that produce, or “mine,” cryptocurrencies.

Bitcoin can’t catch a break in China.  Chinese authorities ordered the closing of operations that create a large share of the world’s supply of bitcoin, tightening a clampdown that has already shuttered exchanges for the trading of cryptocurrencies in China.  A multiagency government task force overseeing risks in Internet finance issued a notice last week ordering local authorities to “guide” the shutdown of operations that produce, or “mine,” cryptocurrencies, according to the notice and people familiar with the information.

Source: Wall Street Journal

Date: January 11th, 2018

Link: https://www.wsj.com/articles/china-quietly-orders-closing-of-bitcoin-mining-operations-1515594021

Discussion

1) What does it mean when people say they are “mining bitcoins?”

2) Why would the Chinese government want to shut down bitcoin mining operations?

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