Bitcoin mining is set to become more expensive as China’s government cracks down on the industry. Photo: ReutersHong Kong: Bitcoin slumped again on Friday, leaving the largest cryptocurrency heading for its worst weekly performance in three years as regulators around the world step up scrutiny out of concerns ranging from investor losses to strains on power systems. The token is down about 33% from its mid-December peak, which came just after the introduction of futures trading on regulated exchanges in Chicago. Meanwhile, bitcoin mining — the process needed to facilitate transactions—is set to become more expensive as China’s government cracks down on the industry. In the US, scrutiny is set to increase amid concerns about the potential use of cryptocurrencies for fraudulent purposes such as money laundering.

Source: Mint January 12, 2018 04:30 UTC