Home news China’s crackdown on cryptocurrency mining spreads to Sichuan

China’s crackdown on cryptocurrency mining spreads to Sichuan

by George Mensah
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China’s crypto-monetary “mining” crackdown has extended to the Southwest Province of Sichuan, where authorities have ordered the closed crypto-monetary projects of the big mine center.

Cryptomining is a large enterprise, representing over a half of the world’s bitcoin production in China. However, last month, as part of a range of financial risk control measures, the State Council, the cabinet of China, pledged to tackle bitcoin mining and trading.

Other popular regions in the mining industry, such as Inner Mongolia, have cited electricity mining using highly polluting sources such as coal in industry-oriented orders.

She is moving on Friday in Sichuan, where miners use hydropower mostly to manage the specially designed computer equipment used to verify bitcoin transactions.

A joint notice, dated Friday and seen by Reuters, was published by the Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau, requesting that 26 suspected crypto-monetary

According to data gathered by the University of Cambridge, Sichuan is the second biggest bitcoin mining province in China. In the rainy summer, some miners move to exploit their rich hydroelectric resources.

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The notice orders state power companies in Sichuan to carry out inspections and correct them by Friday. They must stop providing electricity immediately to their detected cryptomining projects.

The authorities in Sichuan called on local authorities to start battling for and shutting down cryptomining projects. New projects have been banned.

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