City in Sichuan reportedly orders crypto miners to shut down for investigation

City in Sichuan reportedly orders crypto miners to shut down for investigation

A Chinese city has reportedly ordered local crypto miners to shut down for investigation, according to local news. The city of Sichuan in Southwest China’s Sichuan province is known as a hotbed for crypto mining, and this comes as authorities are tightening regulations on the industry.

Chinese authorities continue to crack down on crypto currency mining. According to reports, bitcoin (BTC) mining companies have been shut down in a city in Sichuan province. Authorities in Ya an, a prefecture-level city in western Sichuan province, have ordered the closure of local bitcoin mining operations for review, Chinese financial publication Sina Finance reported Friday. Citing an unnamed source from the Chinese news agency PA News, the report said it was not yet known if and when the miners would resume work. According to Chinese cryptoblogger Colin Wu, this latest decision will affect large bitcoin mining farms in Sichuan province, which is China’s largest producer of hydropower. Wu said Sichuan province had issued a document instructing electricity companies to immediately shut down electricity for mining virtual currency. Wu said the document identifies 26 major mining projects and calls for them to be examined and closed. He suggested that the latter measure would particularly affect large mining companies: In Yunnan and Sichuan, there are many small and medium-sized hydropower plants for which it can be difficult to obtain government supervision. However, major projects will be completed in the short term. Related: Miners of cryptocurrencies rely on cheap electricity in Texas, but there are concerns about the impact on the power grid. The latest move by regulators follows a series of reports of a ban on cryptocurrency mining in other regions, including Yunnan province, another major center for hydroelectric mining. Authorities in Xinjiang, Inner Mongolia and Qinghai have also ordered the closure of mining operations. Jiang Zhuoer, founder of major mining hub BTC.Top, said earlier this week that only hydropower plants remain in Sichuan. A spokesman for BTC.Top told Cointelegraph yesterday that many bitcoin miners have moved to Sichuan after crackdowns in other provinces, where they could take advantage of the region’s rich renewable energy resources.  Currently, we believe that 80 to 90 percent of Chinese cryptocurrency miners use hydropower, a spokesperson said.

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