Why China's kicking out the crypto miners

Scientists might have spotted tectonic activity inside Venus 

Sponsored by KPMG The Download Your daily dose of what's up in emerging technology A crypto crackdown 06.22.21 Good morning! Today we delve into the knock-on effects of China's intensifying cryptocurrency crackdown, and some new research which suggests Venus might still be geologically active. Get your friends to sign up here to get The Download every day. Why China's kicking out the crypto miners   The news: China’s intensifying crackdown has sent cryptocurrency prices tumbling. China has been upping its regulatory squeeze on cryptocurrencies for some time, but it now looks likely that over 90% of its bitcoin mining capacity in the country will shut down, according to a report in the Global Times, which is published by the Chinese state. Last Friday, authorities in the southwestern province of Sichuan ordered crypto miners in the region to cease operating.  Yesterday, China’s central bank announced it was ordering banks to crack down on cryptocurrency trading.  The effects: On the same day, bitcoin’s price dropped to $31,333—it’s fallen by 20% in the last week—amid increasing uncertainty about its future. Other cryptocurrencies also tumbled and the entire market has dropped in value by 12% over the past couple of days, according to cryptocurrency exchange platform CoinBase. It’s having an impact on hardware prices too.. Chinese consumers seeking to purchase graphics cards, which are critical components for bitcoin mining, have found sharply lower prices in the past day or so. Some prices had plunged by as much as 66%, according to the South China Morning Post. Why now: China sees cryptocurrencies, which are decentralized and unregulated, as a threat. Its central bank said they have “disrupted the normal order of the economy” and “increase the risks of illegal cross-border transfers of assets and illegal activities such as money laundering.” It is planning to become the first country to launch its own official digital currency, the e-yuan. Another alternative: Bitcoin mining won’t cease because of China’s crackdown. Instead, operators will relocate elsewhere. Texas has been touted as a place that could benefit from the new restrictions in China, thanks to its relatively lax regulatory environment and cheap electricity.  Scientists might have spotted tectonic activity inside Venus Signs of liveliness: New research suggests Venus might still be geologically active. That’s encouraging news to people who think it could once have hosted life, or might still be able to. The details: Thus far, scientists have never seen anything like Earth’s tectonic activity on Venus. But it’s a tricky planet to observe, given its thick clouds, insanely pressurized surface, and searing temperatures. In the new findings scientists think they’ve finally spotted evidence of a new type of tectonic activity on Venus. The team used observations made by the Magellan probe, which orbited the planet in the 1990s and mapped the surface using radar. The features it spotted have been analyzed before, but the new study uses a new computer model that can recognize surface deformations indicating large block structures in the lithosphere. Raising hopes: This is very different from plate tectonics on Earth. But if confirmed, it would nonetheless be evidence of heat currents and molten material in Venus’s interior—something that’s never been observed. NASA’s Venus missions at the end of this decade could help to confirm the findings. Read the full story. —Neel V. Patel We can still have nice things A place for comfort, fun and distraction in these weird times. (Got any ideas? Drop me a line or tweet 'em at me.)   + It was the longest day of the year yesterday. The Museum of English Rural Life celebrated by sharing some photos of very long pigs.   + A lovely tribute to one of the best albums of all time, which has just turned 50: Blue by Joni Mitchell. (NYT $)   + And read this wonderful short essay about Blue by poet and writer Amy Key.   + Meanwhile, The Guardian asked artists to pick their favorite track on the album, which I think I'd find impossible.   + Thanks Stefan for this video which reminds me I really need to visit Utah (I think I'll skip the tightrope though.)   + That is one glorious hedge. Sponsor Message 5 steps to achieving net zero Companies are facing more pressure than ever to develop and execute a meaningful net-zero strategy. The message to leaders is clear: Climate risk is being viewed as a financial risk, a driver of business insecurity. In a world of concerned stakeholders, companies that fail to mitigate their emissions face the likelihood of reputation damage. Explore five pillars to achieving net zero and how to demonstrate progress toward your decarbonization goals. Read The Decarbonization Journey. The must-reads I’ve combed the internet to find you today’s most fun/important/scary/fascinating stories about technology. 1 We need to talk about covid spillback  Scientists are increasingly worried about the virus leaping from humans back into animals. (Wired UK)   + Vaccines are running out in poorer countries. (BBC)   + Those vaccine lotteries? They're not really working. (Politico)   + The Delta variant is the most dangerous covid-19 mutation yet. (The Economist $)   + How bad could things get in the US? (The Atlantic $)   + A study found that Washington State's contact tracing app helped prevent thousands of cases. (GeekWire)  2 Can Lina Khan and Joe Biden take on Big Tech?  Her appointment suggests he's pretty resolved to do so. (New Yorker $)   + More bad news for tech companies: she's a privacy hawk. (Protocol)  3 Googlers are starting to turn on their CEO Growing pains. (NYT $)   + A history of Google's muddled approach to messaging. (The Verge)   + The EU has launched an antitrust probe into Google's advertising unit. (CNBC)  4 Facebook has launched its Clubhouse competitor Shameless copying, and totally standard for Facebook. (Engadget)   + Are people still going to be up for audio chats once they can do face-to-face ones again? (The Verge)   + Instagram's big problem these days? It's just a bit boring. (FT $)  5 You're going to notice the chip shortage soon, if you haven't already Consumer tech goods are getting pricier. (WSJ $)   6 The dark side of Prime Day Already tough conditions for workers get tougher, with "mandatory extra time." (Wired $)   + Amazon routinely destroys millions of unsold products every year in one of its UK warehouses. (ITV News)  7 What's the most significant hack in history? The answer may go past SolarWinds all the way to the 1980s. (Gizmodo)   + How North Korea almost pulled off a billion-dollar hack. (BBC)   + The ransomware crisis seems likely to get worse before it gets better, because people keep paying up. (NBC)  8 Is your TikTok feed making you feel ashamed? 📱😬 Don't forget that while recommendation algorithms can be very effective, they actually know nothing about you. (The Atlantic $)   9 The hedge fund that bet against GameStop has closed down 📉 White Square Capital suffered double-digit percent losses in January. (FT $)   10 Finally, a real cure for hiccups No more need for handstands, vinegar, or yelling "boo". (The Guardian) Act fast. Early Bird savings are here for a limited time.  Join us at EmTech MIT to unpack today's most significant technologies and what you need to know about their implications for business, society, and our daily lives. For a limited time: save 25% on your ticket when you register by July 8. Quote of the day “It’s harmless, looks very silly and won’t do anything.” —Beate Kampmann, a professor at the London School of Hygiene & Tropical Medicine, tells The Guardian that a viral "hack" on TikTok—swinging your arms like a windmill to alleviate covid vaccine side effects—is ultimately pointless. Top image credit: Imaginechina via AP Images Please send excellent hedges to hi@technologyreview.com. Follow me on Twitter at @charlottejee. Thanks for reading! —Charlotte Was this newsletter forwarded to you, and you'd like to see more? Sign up today Leading with Innovation. Join us virtually September 28-30. For a limited time, get early bird savings when you register by July 8. 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