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Sichuan authorities order to shut down local bitcoin miners.

The Sichuan Energy Bureau and the Sichuan Development and Reformation Commission jointly issued a document ordering to shut down 26 mining farms that have been getting a supply of hydroelectricity from state-owned power plants and distributors. The local government agencies have outlined two main measures in regards to closing down local bitcoin mining operations. This […]

Sichuan authorities order to shut down local bitcoin miners.

The Sichuan Energy Bureau and the Sichuan Development and Reformation Commission jointly issued a document ordering to shut down 26 mining farms that have been getting a supply of hydroelectricity from state-owned power plants and distributors. The local government agencies have outlined two main measures in regards to closing down local bitcoin mining operations. This will have been triggered by the high-level comment on bitcoin mining brought up in the Chinese State Council’s meeting last month. 

26 bitcoin mining entities will stop receiving power.

The latest order will directly impact the 26 bitcoin mining entities in Sichuan who had tried to work with the government, which had set up specific industrial zones and registered with the government. It will also seek to crack down on smaller mining operations that get their electricity privately from smaller. According to the document, the first measure requires the subordinate state-owned power generators and distributors, such as the State Grid, to cut off their hydroelectricity supply to 26 bitcoin mining entities by June 20.

China continues to crack down on crypto mining. 

Chinese authorities have continued to crack down on bitcoin mining. Earlier, the Chinese government had explicitly targeted bitcoin mining for the first time in order to reduce carbon emissions and lessen its environmental impact. The latest measure is also part of the reason that the Sichuan government set up the hydroelectricity consumption park to battle against these private energy deals between smaller power plants and bitcoin mining sites. Bitcoin has been under scrutiny for some time for its massive energy consumption that has caused regulators to take a serious look at the matter. Earlier, Iran also announced to ban crypto mining for the rest of the summer. 

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Source: https://coinnounce.com/sichuan-authorities-order-to-shut-down-local-bitcoin-miners/

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