News Snapshot:
China’s share of global bitcoin production power fell sharply even before a recent crackdown by its authorities on cryptocurrency mining, research by the University of Cambridge showed on Thursday. China has long been the centre of global cryptocurrency mining, an energy-intensive process. Many Bitcoin miners in China use fossil fuels including coal, stoking concerns over Bitcoin’s environmental footprint. Bitcoin price in India stood at Rs. 24.1 lakhs as of 1:30pm IST on July 15. The country’s share of the power of computers connected to the global Bitcoin network, known as “hash rate,” fell to 46 percent in April this year...
