According to reports, Chinese authorities continue to crack down on cryptocurrency mining because a city in Sichuan Province has stopped local Bitcoin (Bitcoin) Mine.
Chinese financial publication Sina Finance, the authorities of Ya’an, a prefecture-level city in western Sichuan Province, have ordered the local Bitcoin mining business to be closed for inspection Report Friday.
Quote An anonymous source from the Chinese news agency PA News said that it is unclear when or if the miners will restart mining operations.
According to Chinese crypto blogger Colin Wu, the latest decision will affect the major Bitcoin mines in Sichuan, China’s largest hydropower producer.Wu Say Sichuan issued a document requiring power generation companies to immediately stop supplying power to any virtual currency mining business.
According to Wu, the document identified 26 large-scale mining projects and required them to be inspected and closed. He said that the latest measures will mainly affect large mines:
“Yunnan and Sichuan have many small and medium-sized hydropower stations, which may be difficult to accept government supervision. However, large-scale projects will be closed in the short term.”
The latest regulatory crackdown comes after a series of crypto mining bans have been reported in other regions include Yunnan Province, another major hydropower mining center. Xinjiang authorities, Inner Mongolia Qinghai also has order Mining operations are closed.
Jiang Zhuoer, the founder of the main mining pool BTC.Top, Say Earlier this week, “only the hydropower mines in Sichuan were left.”
A BTC.Top spokesperson told Cointelegraph yesterday that after the crackdown in other provinces, many Bitcoin miners have relocated to Sichuan, where they can benefit from a large amount of renewable energy in the area. “Currently, we believe that 80-90% of crypto miners in China are using hydropower,” the spokesperson said.