China: investigations and forced closure of crypto mining farms

China: investigations and forced closure of crypto mining farms

Bitcoin Investment News
October 14, 2021 by J.D. Smith
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In the province of Zhejiang, China, local authorities are conducting several investigations to find and close crypto mining farms. China, in Zhejiang crypto mining farms sized This was reported in a post on WeChat by the Zhejiang Internet Information Office, which revealed that a joint action has been launched to combat the use of public
bitcoin-mining7

In the province of Zhejiang, China, local authorities are conducting several investigations to find and close crypto mining farms.

China, in Zhejiang crypto mining farms sized

This was reported in a post on WeChat by the Zhejiang Internet Information Office, which revealed that a joint action has been launched to combat the use of public resources for cryptocurrency mining or trading.

By “public resources” it is meant primarily electricity, as Zhejiang is one of the Chinese provinces affected by the shortage of energy sources with which to produce electricity.

The Zhejiang Internet Information Office also reveals that recent upgrades to mining equipment have caused a large consumption of energy, while financial speculation has threatened the economic and financial order.

The provincial committee of the Chinese Communist Party, as well as the local government, attach great importance to the fight against mining, so much so that recent special operations conducted in the territory examined 4,699 IP addresses suspected of being connected with mining farms, finding 184 of them involved in using public resources to carry out mining activities.

A group of offenders was identified and investigated. The proceeds were seized.

The provincial agencies then carried out on-site inspections and ordered the closure of these mining farms, as well as imposing disciplinary sanctions on all personnel found responsible.

China crypto mining farms
China bans bitcoin mining

China against crypto mining

China’s new attitude of being extremely hostile to crypto mining, due to local power shortages, has recently led to the US becoming the world’s top hub in terms of overall computing power allocated to this sector, as many Chinese miners are moving elsewhere.

Neighbouring countries in particular seem to be benefiting, including those in Central Asia, but also Russia, whose attitude towards cryptocurrencies actually seems to have improved a lot lately.

Wherever there is cheap and abundant electricity available, and perhaps a cold climate that allows machines to be cooled to room temperature, crypto mining can make significant gains these days, thanks to the high prices of cryptocurrencies. It is therefore not surprising that Canada, and North America, have become the world’s main mining hubs, overtaking China which had dominated the sector for years.

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