Monday, August 2, 2021

City in Sichuan reportedly orders crypto miners to shut down for investigation

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Chinese language authorities proceed to crack down on cryptocurrency mining as a metropolis in Sichuan province has reportedly halted native Bitcoin (BTC) mining farms.

Authorities in Ya’an Metropolis, a prefecture-level metropolis within the western a part of Sichuan province, have ordered native Bitcoin mining operations to close down for examination, Chinese language monetary publication Sina Finance reported Friday.

Citing an nameless supply from Chinese language information company PA Information, the report stated that it’s unclear when or whether or not miners will restart mining operations. 

In accordance with Chinese language crypto blogger Colin Wu, the newest resolution will influence main Bitcoin mining farms in Sichuan, which is China’s largest hydropower producer. Wu said Sichuan issued a doc ordering energy era corporations to right away cease supplying energy to any digital forex mining operations.

In accordance with Wu, the doc recognized 26 massive mining initiatives and required them to be examined and shut down. He recommended that the newest transfer will principally have an effect on massive mining farms:

“There are lots of small and medium-sized hydropower stations in Yunnan, Sichuan, and it might be tough for them to obtain authorities supervision. Nonetheless, large-scale initiatives will likely be shut down within the quick time period.”

Associated: Crypto miners eye cheap power in Texas, but fears aired over impact on the grid

The most recent regulatory crackdown follows a sequence of reported crypto mining bans in different areas including Yunnan province, one other main hydropower-based mining hub. Authorities in Xinjiang, Inner Mongolia and Qinghai have additionally ordered mining operations to shutter.

Jiang Zhuoer, founding father of main mining pool BTC.High, said earlier this week that “solely hydropower mining farms in Sichuan are left.” 

A spokesperson for the BTC.High advised Cointelegraph yesterday that many Bitcoin miners had been relocating to Sichuan following crackdowns in different provinces, the place they may profit from the area’s plethora of renewable power.  “Presently, we consider 80–90% of China’s crypto miners are utilizing hydropower,” the spokesperson stated.