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Tuesday, May 17, 2022

China’s Cryptocurrency Mining Crackdown Appears to be Widening

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The cryptocurrency mining crackdown of China is continuously increasing. It has been seen that government departments in the province of Yunnan are gearing up to scrutinize cryptocurrency miners. Authorities are looking for possible unlawful electricity use. Other Chinese regions that have closed down on cryptocurrency mining lately include Inner Mongolia and Xinjiang.

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Previously, a screenshot of the document of the Chinese government has been floating on the internet which has sparked tension over the alleged bitcoin mining prohibition in the Chinese province of Yunnan. But later the confusion was cleared by the media outlets who first shared the screenshot and disclosed that the format of the document which was floating on the internet doesn’t match with the authentic format of the Chinese government’s document.

In addition to this, the media outlet China Star Market disclosed that the Yunnan Energy Bureau is asking for Bitcoin mining facilities to be fully examined by the end of June. In Yunnan, Bitcoin miners mainly use hydroelectric energy, which is occasionally obtained directly from power stations to reduce costs.

Moreover, sources disclosed that agencies in the region of Qinghai instructing Bitcoin miners and related businesses to close down. The report disclosed that miners in the region were instructed to close down their business activities. In addition to this, other businesses were asked to halt offering services to cryptocurrency miners. This news could be linked to President Xi Jinping’s recent visit to the Qinghai province. He emphasized the importance of environmental protection.

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