On 14 April this year, the price of a single Bitcoin reached a then all-time-high of around US$64,870. Just over a month later, the price of the world’s most popular digital currency had tumbled to $34,259. A significant driver behind this sudden drop was the news that China had begun a sweeping crackdown on the cryptocurrency industry, driven by concerns about financial risk and excessive energy consumption. Bitcoin “mining” – the process by which transactions are verified and new coins are created – is highly energy intensive, leading to criticism of the currency’s oversized carbon footprint. Before the clampdown, China...