Cryptocurrencies rise as mining picks up speed
China moved to shut down its network of miners in May as it sought to limit energy use
Major cryptocurrencies traded with gains on Saturday, with Bitcoin adding 2.5%. Digital currency mining has been on the rise lately and has now compensated for the significant drop in miners after China's crackdown, according to a report by CNBC. China moved to shut down its network of miners in May as it sought to limit energy use, Qazet.az reports citing Teletrader.
However, reports allege a number of miners have continued to work illegally, while other countries, including the United States, have increased cryptocurrency mining.
Bitcoin grew by 2.49% at 00:58 am ET, selling for $48,350, while Ether jumped 3.37% at the same time and went for $4,031.