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Chinese government wants to “ban” the crypto mining activities

Bandeira da China

Government officials in the Chinese province of Sichuan issued a statement, wanting to “ban” cryptocurrency mining activities in the region.

The statement, issued by the Sichuan financial administrator to its subordinate offices, states that “hydroelectric power generation companies in our country should immediately stop investing in virtual currency ‘mining’ activities and should not add any new ‘mining’ projects ‘virtual currencies’.

“Otherwise, our office will recommend that the local government of the province investigate and deal with illegal construction projects, apply prohibitions, fines, self-demolition and other administrative measures until they are redirected to the People’s Court for enforcement of the judicial law,” the statement added. .

It is not yet known whether Sichuan, China‘s second largest region in crypto mining activity with around 10% of the bitcoin hash rate share, will, in fact, be banned.

Sources familiar with the matter told The Block that the order may not be enforced and the operation of the machines will continue as normal. However, crypto mining farms in Sichuan could lose subsidies for low electricity costs.

This news comes at a time when the rainy season in China, especially in Sichuan, is approaching. The season, which brings heavy rain and cheap hydroelectric power, could start next week and last until October.

This rainy season could boost bitcoin’s hash rate, which decreased after halving. It is not yet known whether the statement will impact crypto mining activities in the province.


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