In the China Securities Journal published on June 12, the government of Yunnan province issued a notice requesting an investigation into the illegal u
In the China Securities Journal published on June 12, the government of Yunnan province issued a notice requesting an investigation into the illegal use of electrical energy by relevant individuals and organizations operating in the mining industry. Bitcoin mining.
Yunnan becomes the next province to implement its strong measures against cryptocurrency mining. The Yunnan Energy Administration said it will cut off the power supply to anyone who uses electricity to mine Bitcoin illegally, in addition to individuals who do not pay their electricity bills.

Yunnan authorities said they will shut down any Bitcoin mining operations that may pose a safety risk related to electricity usage by the end of June. It is currently China's fourth-largest province in terms of hash rate. (hashrate) - a measure of the algorithmic ability of a cryptocurrency mining device, including Bitcoin.

Before Yunnan, Inner Mongolia, Xinjiang and Qinghai were the three localities that announced the removal of all or part of the virtual currency mining camps. The Qinghai Ministry of Industry and Information Technology issued a decision to close a series of Bitcoin mining facilities on June 9 and ban businesses such as data centers, industrial parks and power plants from providing projects on Bitcoin mining. land or electricity is related to cryptocurrencies, according to the Xinhua news agency.

Reportedly, these drastic moves come a day after Chinese President Xi Jinping visited Qinghai and emphasized environmental protection in a speech.

Inner Mongolia, a region rich in fossil fuels, also began expelling miners in February and shut down 35 Bitcoin mining companies by the end of April. Officials in Sichuan province, which relies on hydroelectricity as its source major energy, opened an investigative meeting on Bitcoin mining in early June. But they did not draw any conclusions on the possibility of a policy change.

The move by the Yunnan government comes amid Beijing's repeated crackdown on Bitcoin and cryptocurrency mining. The National People's Congress of China's Financial Stability and Development Committee targeted Bitcoin mining businesses in May, claiming that it would "suppress mining... and resolutely prevent the transfer of money." assign personal risk to society".

Based on the Bitcoin Electricity Consumption Index estimated by Cambridge University (CBECI), China accounts for 65% of the global hashrate. In which, the Xinjiang region itself accounts for nearly 36%, followed by Sichuan and Inner Mongolia with second and third place respectively. Yunnan ranks fourth with 5.42% globally.

CBECI says that the amount of electricity Bitcoin mining in China consumes each year amounts to 111.5 terawatt-hours, which is more than the total annual energy consumption used by the Netherlands. This contradicts China's commitment to cut carbon emissions. The country aims to reduce greenhouse gas emissions by 65% ​​by 2030 and will become a carbon neutral country by 2060.

In addition, China's largest social networking platform Weibo also cooperated with the government to ban accounts and posts with crypto-related content according to regulations. The Cyberspace Administration of China (CAC) held a meeting and announced that it will strengthen its supervision of related blockchain service platforms, virtual private network (VPN) services, and Internet technologies to solve the problem. cross-border gambling.
Axact

Global Trends

Giving you feeds on what's happening in America and the world at large. Be it in tech, politics, entertainment, health and sports..

Post A Comment:

0 comments:

Be Civil, No Spam!!!