Sichuan metes out stricter measures to restrict cryptocurrency mining
Published: May 27, 2021 04:18 PM
bitcoin Photo:IC

bitcoin Photo:IC

The Sichuan Energy Regulatory Office announced on Thursday that the office will hold a meeting on June 2 to fully understand the situation of crypto-currency mining activities in the southwestern province, which is required by the National Energy Administration. 

This move came after China's uncompromising crackdown on Bitcoin mining following recent regulatory actions. However, some mines in Sichuan Province are reportedly operating as usual, according to industry insiders.   

North China's Inner Mongolia Autonomous Region, a major hub for Bitcoin mining, issued the harshest crackdown measures on mining on Tuesday, stating that licenses of telecom and internet companies involving in cryptocurrency mining activities would be revoked, while the regional development and reform commission issued eight draft measures against mining activities in the region. 

Miners might have to go overseas in response to the country's increasingly harsh crackdown, according to media reports. 

Mclouds, a one-stop physical mining computing service platform, announced part of its mining machines will be transferred to Kazakhstan mines, the reported on Wednesday, adding that some miners have decided to move out of China. North America and Kazakhstan are popular substitute options. 

Several websites offering digital currency services have announced to block IP from the Chinese mainland, according to the Digital-asset trading marketplace Huobi China, which confirmed to the Global Times on Monday saying its Bitcoin mining shopping mall has suspended services to Chinese mainland-based customers, and solutions for customers who already own Bitcoin miners will be informed later.

Chinese regulators stressed that the country would crack down on Bitcoin-related activities to prevent risks from spreading to impact the financial system during a meeting on May 21, convened by the State Council Financial Stability and Development Committee.

The People's Bank of China (PBC), China's central bank, issued a statement recently prohibiting financial institutions and payment companies from providing services related to crypto-currencies.

Global Times