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China cracks down on bitcoin mining in Sichuan, shuts down 26 projects by Sunday
Reuters reported SLOT ONLINE that China has ordered an expanding crackdown on cryptocurrency mining in southwestern China's Sichuan Province. Officials have ordered the closure of large-scale cryptocurrency mining projects.
Crypto mining is big business in China. and accounts for more than half of global bitcoin production. But China's State Council or Cabinet confirmed last month that will crack down on bitcoin mining including trading as part of financial risk control measures
The crackdown on bitcoin mining in other regions, such as Inner Mongolia, mentions cryptocurrency mining using electricity sourced from highly polluting sources such as coal. in Sichuan Most miners use hydroelectric power with specially designed computing devices to transact Bitcoin. show that The Chinese government's crackdown is more widespread.
Sichuan Provincial Development and Reform Commission And the Sichuan Energy Agency issued a joint announcement Friday (June 18) ordering the closure of 26 illegal crypto mining projects by Sunday.
Data compiled by the University of Cambridge indicates that Sichuan is the second largest bitcoin mining site in China, with many miners moving to Sichuan mining during the rainy summer to take advantage. from abundant hydroelectric power sources