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June 10, 2021 at 05:41AM
China’s Qinghai province has announced a new ban on virtual currency mining operations, a government document announced Wednesday. Qinghai is the latest coal-based crypto mining hub that is set to completely eliminate the industry. The news came on the heels of another crackdown notice against some crypto miners in Xinjiang, and follows Inner Mongolia which had previously imposed restrictions on miners..
The document was issued by Qinghai Industry and Information Technology Department, which is part of the provincial government. The local government cited the central government’s concerns about high energy-consuming industries and environmental pollution as well as the State Council’s directive to maintain financial stability by cracking down on crypto mining and trading as the two reasons why they will eliminate all mining activities in the province.
China’s bitcoin (BTC, +9.99%) miners use a mix of coal and hydroelectric power to power their miners, depending on the season. The use of coal in particular has drawn attention from the government, which is seeking to reduce its carbon footprint. The State Council of China, one of the highest government bodies in the country, told local governments to crack down on crypto mining and trading in May. China’s government has been trending in this direction for a while. Inner Mongolia implemented new regulations around energy-consuming firms in April, while Sichuan – another mining hub – indicated it may end a local energy policy miners had taken advantage of.
China’s Qinghai Province Has Ordered All Crypto Miners to Shut Down, Bloomberg, Jun 10
From: The FxPro News Team https://fxpro.news/crypto/chinas-qinghai-province-has-ordered-all-crypto-miners-to-shut-down-20210610/
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