Cryptocurrency News

City in Sichuan reportedly orders closure of crypto miners for investigation

Chinese authorities continue to crack down on cryptocurrency mining as a city in Sichuan province blocked local bitcoin (B T c) mining farms.

Chinese financial publication Sina Finance, officials in Ya’an City, a prefecture-level city in the western part of Sichuan province, have ordered the closure of local bitcoin mining operations. Reported Friday.

referring to According to an unnamed source of Chinese news agency PA News, the report said that it is not clear when or if miners will resume mining operations.

According to Chinese crypto blogger Colin Wu, the latest decision will affect major bitcoin mining farms in Sichuan, China’s largest hydropower producer. woo said Sichuan issued a document ordering power generation companies to immediately stop supplying electricity to any virtual currency mining operations.

According to Wu, the document identified 26 large mining projects that needed to be investigated and closed. He suggested that the latest move would mostly affect large mining farms:

“There are many small and medium-sized hydroelectric stations in Yunnan, Sichuan, and it may be difficult for them to obtain government supervision. However, large-scale projects will stall in the short term.”

related: Crypto Miners Keep an Eye on Cheap Electricity in Texas, But Fear Transmits on the Impact on the Grid

The latest regulatory action follows a series of reported crypto mining restrictions in other regions Including Yunnan Province, another major hydropower based mining center. officials in Xinjiang, Inner Mongolia and Qinghai is too ordered Mining operations to close.

Jiang Zhuor, founder of major mining pool BTC. Top, said Earlier this week that “only hydroelectric mining farms remain in Sichuan.”

A spokesperson for BTC.Top told Cointelegraph yesterday that many bitcoin miners were relocating to Sichuan following the crackdown in other provinces, where they could benefit from the region’s plethora of renewable energy. “Currently, we believe that 80-90% of China’s crypto miners are using hydropower,” the spokesperson said.