China pressures state-owned businesses to end cryptocurrency mining

The Chinese government is putting pressure on state-owned enterprises to end their involvement in mining, continuing cryptocurrencies, increasing its crackdown on cryptocurrency miners amid concerns about the country's energy supply for the winter season. A spokesperson for the National Development and Reform Commission said at a press conference that the nation's top economic planner is considering punitive measures in terms of higher power prices on companies that continue to ignore the government ban on bitcoin (BTC-USD) mining, Bloomberg reports. China expelled a former Jiangxi province official for violations including supporting cryptocurrency mining, Bloomberg said, citing a statement from the Central Commission for Discipline Inspection. Bitcoin (BTC-USD) has retreated to $60.6K after reaching as high as $68.7K earlier this month. Ether (ETH-USD) now sits at ~$4.24K , had risen to as high as $4.83K on Nov. 9. In other crypto news, fund managers in BofA's Fund Manager Survey said they consider