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Bitcoin price falls below mining cost for some in China

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The recent sharp decline of the Bitcoin has made many in China hard to make money, as the price has fallen below the cost of mining for some in the country, leaving them no choice but to "shut down".

Accordin to the Luxembourg-based Bitstamp, Bitcoin briefly fell to $4,237 before climbing back to over $4,700 on Tuesday, slumping as much as 17 per cent within 24 hours. The price for the cryptocurrency in China has dropped below 30,000 yuan. 

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