The world’s biggest digital currency drops 7% to a price of $32,801 Monday morning, dropping below $33,000 for the first time since June 8, corresponding to data from Coin Metrics. Smaller competitors as ether and XRP also descend, down 8% and 7% respectively.

Up to 90% of China’s bitcoin mining scope is estimated to be shut down, analysts from Wall Street Journal.

This arrive to have force to a significant decline in bitcoin’s stew rate — or processing power — which has fallen sharply in the last month, according to data from Blockchain.com. An estimated 65% of global bitcoin drilling is set in China.

However, miners in China often shift to areas like Sichuan, they are rich in hydropower, in the rainy season. And some industry efforts have been launched — including the Bitcoin Mining Council and the Crypto Climate Accord — to cut down cryptocurrencies’ carbon footprint.

Performance of Bitcoin (Source: Investing.com)