Thursday, May 19, 2022

China’s Crackdown On Crypto Spread To Yunnan

China restrained another province from misusing electricity for mining activities. The country’s crackdown on cryptocurrency is now spread to Yunnan province. 

A local media, on Saturday, reported that China organized a campaign in the southwest part of the country, against the bitcoin miners who were misusing the electricity. 

Although the crypto market would not be at its best stage, presently, it has started performing well. As the market experienced a surge in Bitcoin’s value, the government’s concern regarding speculations also increased, simultaneously. Also, the central authority is worried about the huge amount of energy consumed for mining a bitcoin.

As per the report, China is responsible for over half of global bitcoin production, but last month, when the State Council of the country cracked down on crypto mining and trading, a few of the miners decided to shift their business outside the country.

On June 11, the Energy Administration of Yunnan released a circular for an investigation into “misappropriation and unauthorized use of electricity by bitcoin miners, vowing punishment,” reported the Science Technology Innovation Express.

The report further stated that a copy of the notice issued by the Administration was being circulated on a social media platform in China. 

Due to an ongoing investigation in Yunnan province, the Chinese authorities imposed restrictions in several other areas. 

After the government announced the crackdown on cryptocurrency the Qinghai province and Xingjiang ordered the mining projects in their region to shut their businesses.

Recently, Inner Mongolia released some measures regarding crypto mining activities in the country, while Sichuan is probing the industry.

Lei Tong, the managing director for financial services at Babel Finance, has said that after the crackdown, an increasing number of miners either are planning to shift their business or shut it down.

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