Thursday, May 19, 2022

Chinese Authorities Carry Out Crypto Mining Ban In Sichuan Province

China’s ban on cryptocurrency mining has been growing. The authorities have recently ordered the miners at Ya’an city in Sichuan province to shut their operations by June 25. 

Since the Chinese authorities started banning mining activities in the different parts of the country, they have been closely monitoring the Sichuan province, because it has a significant amount of hydropower which attracted a large demographic of miners. 

Ya’an is considered to be one of the major mining hubs in Sichuan province to make up over 10 percent of the world’s Bitcoin mining.

A report published by Bloomberg states that Ya’an officials organized a meeting on June 17 and decided to ban all the mining operations under their jurisdiction. 

It has been further reported that the power suppliers have the authority to shut the power plants of the miners, who are still operating in the Sichuan province, until further notice. But before closing the power plants, the suppliers would have to notify the Bitcoin miners. 

Before Sichuan, the authorities banned the mining operations in Inner Mongolia, Xinjiang Qinghai and Yunnan. All these provinces had introduced new regulatory policies for mining crypto. 

Colin Wu, a Chinese crypto journalist, recently tweeted, “Bitcoin mining in Sichuan, China is being shut down one after another. Miners believe that Sichuan’s restrictive policies will be introduced soon. Ethereum’s hashrate fell by 7%, Bitcoin’s hashrate is temporarily not reflected.” 

Later, a follow-up post specified that without bitcoin mining the hydropower present in the country is a complete waste.

In February 2021, President Xi Jinping attended the 75th session of the UN General Assembly. While delivering a speech there, the Chinese President announced that before 2030, China will have a CO2 emission peak and by 2060, the country will achieve carbon neutrality. The recent crypto mining bans in the country are small steps towards carbon neutrality.

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