The Chinese province of Yunnan becomes the latest region to ban cryptocurrency mining

China’s Yunnan province is ordering a complete ban on cryptocurrency mining in response to similar moves by Qinghai, Xinjiang, and Inner Mongolia.

The Chinese province of Yunnan becomes the latest region to ban cryptocurrency mining

China continues its rapid and decisive clampdown on cryptocurrency mining. Yunnan reportedly becomes the fourth recent addition to this list to instruct cryptocurrency miners to cease operations immediately.

There was some confusion about this yesterday. Some news sites denied Chinese authorities to ban crypto mining in Yunnan province. However, a spokesman for the Yunnan Energy department confirmed to a number of legitimate sites, including Sina, that it wants all crypto miners to leave by the end of June.

Furthermore, this information is confirmed by a number of miners on the WeChat crypto group of Decrypt.

A preliminary translation of the press release states:

“By the end of June, all bitcoin mining operations must be scrutinized and cleaned up. Any operation that uses electricity without permission must be stopped.”

A lot of miners have apparently already quit, possibly contributing to a drop in the hashrate on the Bitcoin blockchain noticed yesterday.

The quartet of now mine-free provinces has resulted in a significant hash rate dip in China-based mining pools. Some, like AntPool and Poolin, have reported declines as high as 12%. Meanwhile, BTC.top, a major player in China’s mining sector, reported a 35.9% hash rate decline after numerous operations went dark.

Concerns about energy use and carbon emissions from cryptocurrencies continue to push China to take drastic steps to limit both. The amount of energy required to mine cryptocurrencies is at the heart of this debate with the Chinese government.

The whole idea of cryptocurrency mining goes against this plan, with energy consumption and greenhouse gas emissions. This has clearly prompted China to continue taking steps to essentially stop cryptocurrency mining in the country.

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