Lanzhou New District, Gansu Province, carries out a special inspection of cryptocurrency mining

According to an article published on the website of the State Power Company of China, Lanzhou, Gansu, is conducting inspections on Bitcoin and other cryptocurrency mining, requiring companies to sign a letter of commitment not to conduct mining.

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Lanzhou New District | Photographic Image

Lanzhou New District, Gansu Province, carries out a special inspection of cryptocurrency mining

Specifically, Yingda Media Group, a subsidiary of State Grid, reported that Lanzhou New Area Company organized elite troops to implement the government’s requirements for dual control of energy consumption during the 14th five-year plan on September 9th.

They will actively cooperate with the Gansu Energy Inspection Office, the Department of Industry and Information Technology, and the Development and Reform Commission to conduct special inspections of cryptocurrency mining activities such as Bitcoin.

To make this operation smooth, Lanzhou New Area Company employees contacted employees of relevant government inspection departments, forming an inspection team to discuss the special inspection work plan and determine the inspection object, time, method, and content.

After that, the inspection team conducted surprise inspections on several big data companies in the new area and focused on the plant and electrical equipment environment. The special inspection team discussed the country’s working policies and resolute attitude about banning crypto and other activities with the inspected companies. The relevant companies signed the “Commitment Letter for the Elimination of Bitcoin and Other Virtual Currency Mining Business Activities.” They promised not to carry out such as Bitcoin mining, trading, and other activities.

They stated that cryptocurrencies such as Bitcoin waste energy and evade financial supervision, and have no clear legal status in China. Bitcoin mining has led to frequent electricity theft incidents.

This action has achieved good results in warning related enterprises in Lanzhou New Area to eliminate Bitcoin and other crypto-related activities. In the next step, the Lanzhou New Area Company will continue to thoroughly investigate potential mining customers such as Internet cafes, Internet companies, and sudden increase in power consumption within its jurisdiction, and carry out normalized inspections of mining rigs for mining, breach of contract power consumption, and power theft.

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