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China’s crackdown on Bitcoin mining orders 26 more closures

China’s crackdown on Bitcoin mining orders 26 more closures

Date 19 Jun 2021 time 16:28

China’s cryptocurrency mining bill extends to Sichuan province

Reuters reports that the Chinese government crackdown on cryptocurrency mining has reached the southwestern province of Sichuan, one of the largest cryptocurrency mining sites. C has a big source

By Friday (June 18), the Sichuan Provincial Development and Reform Commission The government and the Sichuan Energy Agency jointly issued an order to shut down bitcoin mining in 26 provinces by Sunday (June 20).

The order also stated that Let the state-owned power plants in Sichuan Province carry out inspections and make them right. and immediately stop sending electricity to detected Bitcoin mining. It also ordered local governments to find cryptocurrency mining projects and close them. and prohibit the opening of new mines

Cryptocurrency mining is big business in China, with more than half of the world’s Bitcoin mined. But last month, Chinese authorities announced it would crack down on Bitcoin mining and trading to curb financial risks.

Previously, the government ordered a crackdown on Bitcoin mining in Xinjiang Autonomous Region. Inner Mongolia Autonomous Region and in Yunnan Province Because it uses coal power, which is highly polluting.

But the latest move indicates that the authorities’ criteria for crackdowns are not limited to mines that use unclean energy. This is because most of the Bitcoin mines in Sichuan are powered by water, which is clean energy for mining.

According to data from the University of Cambridge, it was found that Sichuan is China’s second largest Bitcoin mining province, with some Bitcoin miners moving to Sichuan during the rainy summer. Because Sichuan has a plethora of hydroelectric power sources.

Joe Raedle/Getty Images/AFP

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