Sat. Sep 18th, 2021

Keeping environmental concerns into mind, China has issued orders on cracking down all the mines where cryptocurrency mining is done and this has reached to Sichuan, as it is known as the second largest bitcoin mining province. On Friday, the Sichuan branch of the National Development and Reform Commission (NDRC) and the Sichuan Energy Bureau has ordered to close all the cryptocurrency mining projects.

China’s Cryptocurrency Mining Crackdown Intensifies And Spreads To The Province ‘Sichuan’

The commission in Sichuan has demanded to close all the suspected 26 mining projects of cryptocurrencies. They have ordered the state electricity companies of the province to conduct an inspection on these mining projects and stop supplying them electricity.

Mining of cryptocurrencies is a big business in China, and it accounts for more than half of global bitcoin production. The authorities have ordered the local government of Sichuan to find out more crypto-mining sites and immediately shut them down. Other regional mining centres also which include Xinjiang, Inner Mongolia and Yunnan have cited cryptocurrency mining sites use of electricity that is generated from highly polluting sources such as coal in orders targeting this industry.

In May, after Tesla’s CEO Elon Musk announced that he will not accept cryptocurrencies for purchase of car, then Chinese Vice Premier Liu He called for a severe crackdown, reiterating the government’s position on cryptocurrencies. Mongolia, which is the inner region of China has also announced that if they will find any company involved in crypto-mining projects, so they will be responsible for further consequences.

Friday’s notice for cryptocurrency mining shows Beijing’s displeasure regarding these mines that generate electricity by burning coal and have said that this is not going to help. Renewable power does not help,” said Winston Ma, NYU Law School adjunct professor and author of the book “the Digital War”.

In addition, he said, “The four largest mining regions – Inner Mongolia, Xinjiang, Yunnan and Sichuan – have implemented similar crackdown measures, even though mining in the latter two are mostly based on hydropower, whereas the first two are on coal.”

Government is really serious for this matter keeping environmental concerns into mind. The waste that is generated during the mining of these cryptocurrencies especially bitcoin which uses more energy, is harmful for the environment and climate change. Though most of the miners have disappeared due to crackdown, but if anyone will be found involved in this mining illegally, they will be punished.

 

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By Ankita

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