Qinghai Province in China has announced a ban on all operations for the extraction of virtual currency. This news follows the news of tough sanctions against crypto-miners in Xinjiang, as well as the creation of a “hotline” for denunciations of miners in Inner Mongolia.
The Qinghai government prohibits any local government from creating or permitting new crypto mining projects. All current cryptocurrency mining facilities in the province are also being closed. The Qinghai government will strictly review and punish any mining projects under the guise of large data centers or supercomputer centers. This will prohibit any company from providing premises or electricity for cryptocurrency mining projects. The government will conduct follow-up checks and randomly select companies for checks.
Quote from a document published by the authorities
Local authorities referred to the central government’s concerns about energy-intensive industries and environmental pollution. Chinese bitcoin buyers use coal and hydroelectricity depending on the season. It is the use of coal that has caught the attention of the government, which is seeking to reduce its carbon footprint.
China’s State Council, one of the country’s highest government bodies, ordered local authorities in May to take harsh measures against cryptocurrency mining and trading. Earlier this year, with a number of coal-fired power plants shutting down due to accidents at local mines, bitcoin’s hashrate fell more than 16%.
As it became known, Russia and Ukraine were in the top ten countries that made the most money on Bitcoin.
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