The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of crypto mining
The State Grid Corporation of China has issued a notice to all parts of the country requesting the closure of cryptocurrency mining. At present, some provinces with insufficient power in China, such as Henan and Anhui, have also begun to implement it, according to Colin Wu.
Workers dismantle bitcoin machines in Sichuan province | Photo: Caixin
Anhui has joined a slew of other Chinese provinces that have already clamped down on the mining sector, according to the state media outlet Global Times.
It has been estimated that nearly 90 percent of crypto mining projects have been shut down in the country.
East China’s Anhui will close all local #cryptocurrency mining projects amid tightening power supply, local media reported on Wed. By now, nearly 90% of #China‘s #Bitcoin mining capacity has been shut down. https://t.co/SGcK5L9j7E pic.twitter.com/Rsd1ln3zXw
— Global Times (@globaltimesnews) July 14, 2021
Last month, Xinjiang, Sichuan, Inner Mongolia, Yunnan, and Qinghai, the five biggest mining hubs in China that had a tremendous influence on the industry in general, also forced miners to switch off their equipment with the reason is reduced carbon.
In fact, it was the severe power shortage during an unusually hot summer that caused the miners to be the first to die (scapegoat). The proof is that China is importing coal for electricity production too much that it has caused the price of coal to hit ATH, $128 per ton, quadrupling in just one year.
- 3 Tons Of Bitcoin Mining Rigs Are Being Relocated From Guangzhou To Maryland Amid China’s Recent Crackdown
- NFT: “The Woman With The Bouquet In Her Hand” Reached 2,021 ETH At Opensea