Sichuan Province has joined China’s ongoing program to stop cryptocurrency mining. Authorities have ordered the closure of all cryptocurrency mining projects at one of the country’s largest mining centers. News Reuters.
Cryptomining is one of the largest businesses in China. China accounts for more than half of the world’s bitcoin production. However, in order to control financial risks, the State Council, the Chinese Parliament has taken various initiatives to stop bitcoin mining and trade.
Mining has been banned in other popular mining regions, such as inner Mongolia, for the use of additional polluting sources such as coal-fired power.
Most of the mining plants in Sichuan use hydropower. Due to excessive rainfall, miners are conducting mining activities in the area to take the advantage of the hydropower resources in the rain.
The Sichuan Provincial Development and Reform Commission and the Sichuan Energy Bureau jointly ordered the closure of 28 suspicious cryptocurrency mining projects by Sunday. Power companies have been asked to take urgent steps to cut off the power supply to mining projects within this period. Local governments have also been instructed to work together on the issue, shutting down existing projects and banning new mining projects.
DBTech / BMT