China cracks down on crypto mining
The Hindu
China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province.Chinese mines power nearly 80% of the global trade in cryptocurrencies
China has broadened a crackdown on its massive cryptocurrency mining industry with a ban on mines in a key southwestern province. Chinese mines power nearly 80% of the global trade in cryptocurrencies despite a domestic trading ban since 2017, but in recent months several provinces have ordered mines to close as Beijing turns a sharp eye to the industry. Authorities in the province of Sichuan ordered the closure of 26 mines last week, according to a notice widely circulated on Chinese social media and confirmed by a former bitcoin miner. The notice reportedly instructed power companies to stop supplying electricity to all cryptocurrency mines by Sunday. It vowed a “complete clean-up” and ordered local governments to carry out a “dragnet-style investigation” to find and shut down suspected crypto mines.
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